ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, September 20, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Inflation: Federal Govt To Convene Food Security Council Meeting

by Jonathan Nda-Isaiah
3 years ago
in Business, Cover Stories, News
inflation
Share on WhatsAppShare on FacebookShare on XTelegram

Federal government has resolved to convene the National Food Security Council meeting shortly due to the rising prices of food in the country. Minister of finance, budget and national planning, Zainab Ahmed disclosed this on Wednesday to State House correspondents after the Federal Executive Council (FEC) meeting presided over by Vice President, Yemi- Osinbajo at the Presidential Villa .

According to her, the Food Security Council chaired by President Muhammadu Buhari and co-chaired by the Kebbi state governor, Atiku Bagudu, would meet very quickly to address the issue of food inflation, and also provide a plan and some methods by which we can reduce the cost of food to support improved food prices for the citizenry.

Advertisement

She said the Council was briefed about the rising inflation rate and the need to manage the cost of inflation in the country.

The minister, who disclosed that the government was making efforts to address the declining sectors of the economy, said the Council received a report from her ministry for the first quarter of 2022 GDP which shows that the Nigerian economy had grown by 3.1% in the first quarter as against a growth of 0.5% in the corresponding period in 2021.

She said, “This growth shows gradual economic stability from the recession that we witnessed in 2020. And also it shows the six-quarter of positive growth that the Nigerian economy has presented.

“So, of the 46 economic activities, the bulk sector performance shows that the services sector grew strongly by 4.7%, agriculture also grew by 3.61%, Industry on the other hand contracted by -6.81%. and there’s also a significant contraction in the crude oil, petroleum, and natural gas sector of 26.04%.

Related News

Katsina Anti-graft Agency Probes ‘₦188.6m Fraud’ In Fertilizer, School Funds

47 minutes ago

NDDC Boss Tasks Agency Workers On ADR To Promote Transparency, Due Process

1 hour ago

“Coal mining sector also declined oil refining, the biggest contraction of 44.26%. the electricity sector, textile outcome. Therefore, even though there has been growth in some sectors, there is a significant contraction in others but the net effect is positive growth.

“We’re very mindful of the fact that unless we have most of the sectors growing, especially the growth in the jobs impacted sectors, that this growth that is positive will not be directly felt by the people,”

According to her: “We also reported to Council that inflation has started going upward to the extent that the monetary authorities of the Central Bank have had to adjust the Monetary Policy Rate (MPR) to 13% at the last Monetary Policy Committee (MPC) meeting and that’s an attempt to manage the cost of inflation.

“So, the Council has decided to set up a special effort to look at the sectors that are not growing and also to look at how we can grow the other sectors better.”

Meanwhile, Council also approved a total sum of N23.115 billion for contracts in both Police Affairs and Petroleum Resources ministries.

While the Police Affairs ministries got the sum of N8,315,209,825 for procurement of raincoats, Police boots, and others, the Petroleum Ministry got N11 billion for contracts.

Giving the breakdown, the Minister of Police Affairs, Maigari Dingyadi said the Council okayed the Memorandum of Understanding for the purchase of 82 Toyota brand of vehicles.

“N1.9 billion for customized raincoats; customized Police boots at N576 million; Micro First Aid Kits for the police at N1 billion; customized instructional materials for the police colleges and schools at N664 million and supply of drugs and medical equipment for police hospitals across the country at N2 billion,” he said.

The minister of state, petroleum resources, Timipre Sylva, disclosed that the council approved the memo for the NNPC Limited to execute a Memorandum of Understanding with ECOWAS for the construction of the Nigeria-Morocco Gas Pipeline to take gas to 15 West African countries and through Morocco to Spain and Europe.

He said, “Council also approved the construction of a switchgear room, an installation of power distribution cables and equipment for the Nigeria oil and gas park in Ogbehia Bayelsa state in the sum of N3.8 billion. this park is to support local manufacturing of components for the oil and gas industry.

“Council also approved various contracts for the construction of an access road with bridges to the brass petroleum product depot in Nibomoyekiri in Brass local government in the sum of N11 billion plus 7.5% VAT.

Join Our WhatsApp Channel

Tags: inflation
SendShare10178Tweet6361Share

Other News Updates

News

Katsina Anti-graft Agency Probes ‘₦188.6m Fraud’ In Fertilizer, School Funds

2025/09/20
News

NDDC Boss Tasks Agency Workers On ADR To Promote Transparency, Due Process

2025/09/20
News

Felak Group Denies Link To Forfeited $7m Cash In Providus Bank

2025/09/20
News

Police Force PRO Hundeyin Visits Abuja NUJ, Seeks Media Collaboration

2025/09/20
Business

All On Invests $1.5m To Advance E-waste Recycling In Nigeria

2025/09/20
News

AMCE Spearheads Oncology Breakthroughs, Seeks United Front At ARCON

2025/09/20
Leadership Conference advertisement

LATEST

Katsina Anti-graft Agency Probes ‘₦188.6m Fraud’ In Fertilizer, School Funds

Ronaldinho, Saviola, Giuly, Other Barça Legends For Abuja Champions Cup

NDDC Boss Tasks Agency Workers On ADR To Promote Transparency, Due Process

Felak Group Denies Link To Forfeited $7m Cash In Providus Bank

Record N20m Prize Up For Grabs As 2025 CGC Volleyball Premier League Kicks Off In Abuja

Police Force PRO Hundeyin Visits Abuja NUJ, Seeks Media Collaboration

All On Invests $1.5m To Advance E-waste Recycling In Nigeria

AMCE Spearheads Oncology Breakthroughs, Seeks United Front At ARCON

Boxing: Joshua Set To Fight In Nigeria In 2026

World Athletics Championships: Ezekiel Nathaniel Sets New Nigerian 400mH Record

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.