*Warns Govs to stop distracting CBN
President Bola Tinubu has ruled out the establishment of Commodity Price Control Board to tackle the soaring prices of food and inflation in the country.
He said that his administration was instead evolving home-grown solutions to address the nation’s food security challenges by setting up schemes to support local production and discourage all forms of rent-seeking that are associated with food importation.
The President made the declaration at a meeting with 36 state governors, attended by Vice-President Kashim Shettima, the National Security Adviser, the Inspector-General of Police, the Director-General of the DSS, and some ministers at the State House in Abuja on Thursday.
The President said at the meeting:
”From Kano, we have read reports about large-scale hoarding of food in some warehouses. The National Security Adviser (NSA), the Inspector-General of Police, and the Director-General of the Department of State Services should coordinate very closely and ensure that security agencies in the states inspect such warehouses with follow-up action.
”We must ensure that speculators, hoarders, and rent seekers are not allowed to sabotage our efforts in ensuring the wide availability of food to all Nigerians.
”What I will not do is to set a price control board. I will not also approve the importation of food. We should be able to get ourselves out of the situation we found ourselves in, because importation will allow rent seekers to perpetrate fraud and mismanagement at our collective expense.
“We would rather support farmers with the schemes that will make them go to the farm and grow more food for everyone in the country.
”We must also look at the rapid but thoughtful implementation of our livestock development and management plans, including dairy farming and others.”
President Tinubu further urged the governors to trust the Central Bank of Nigeria (CBN) with the management of the country’s monetary policy, emphasizing the importance of allowing designated institutions to fulfill their mandate effectively.
He said the ”cacophony of postulations” on the fluctuation of foreign exchange rates was unduly affecting the market negatively.
”Every one of us can not be an expert. If we have given someone an assignment, let us allow them to do it. If they can not do it, then we find a way to quickly get them out of the system,” the President affirmed.
President Tinubu asked the governors to always make the welfare and prosperity of the people a priority of their development programmes, assuring them that the federal government will continue to work diligently to improve the nation’s revenue profile.
Vice-President Kashim Shettima had on during a high-level strategic meeting on climate change, food systems and resource mobilization, hinted at plans to establish a National Commodity Board as a solution to the escalating food inflation in the country.
A statement by his office had said that in tackling price volatility, the board will be given the mandate to assess and regulate food prices, as well as maintain a strategic food reserve for stabilising prices of crucial grains and other food items.
