The federal government has announced the availability of rice at N40,000 per bag, a move aimed at addressing food security and stabilising prices in the market.
Minister of Information and National Orientation, Mohammed Idris, made the announcement during a press conference yesterday in Abuja.
He explained that the initiative was part of a broader set of measures under President Bola Ahmed Tinubu’s administration, marking its first year in office.
These measures aim to ease economic hardship and hunger, he said.
The minister stated that after one year in office, President Tinubu has laid a strong foundation for a Nigeria that is economically viable, sufficient, and secure.
He suggested that the energy spent organising a ‘national protest’ would be better directed toward exploring the opportunities available under the Tinubu administration.
He noted that the pushback against current government policies, expressed in protests, indicates a lack of understanding among organisers of the realistic conditions necessary for growth and development.
He further explained that in Nigeria’s case, these include retooling the economic system, providing large-scale infrastructure, and investing in health, agriculture, and human capacity through student loans, among other initiatives.
The minister further highlighted the government’s efforts in the energy transition from petroleum to Compressed Natural Gas (CNG) for vehicles and other machinery which aims to reduce transportation costs for Nigerians by up to 50 percent mong others.
The minister said that to further cushion the effects of the petroleum subsidy removal, the Tinubu administration had introduced the Presidential Grants and Loans Scheme, with N50,000 grants being distributed under the N50 Billion Grants component of the scheme.
“So far, over 600,000 Nigerians across the 774 local government areas have received these grants,” he said.
According to him, President Tinubu’s commitment to the welfare of Nigerian workers is evident in his speedy approval of a new National Minimum Wage of N70,000, an increase from the previous N30,000, which will be reviewed every three years to reflect economic realities and living standards.
The minister also pointed to the Nigeria Education Loan (NELFund), which aims to ease the burden of tertiary education tuition payments on parents.
He said, “The fund has a sufficient budget to cover two million students and provides not only tuition but also upkeep stipends. Over 110,000 applications have been received so far, and successful applicants starting fresh academic sessions will receive their funds without delay,” he added.
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