The National Economic Council (NEC) has explained reasons why staple food prices are high in the country.
The council yesterday after its meeting presided over by Vice President Yemi Osinbajo admitted food prices have changed between September and November involving commodities in Lagos and a few randomly selected states.
According to a statement by the media aide to the vice president, Laolu Akande, the hike in prices was due to the following factors: “Delay in going out to farm, which translates to delay in harvesting courtesy of COVID-19 pandemic.
“EndSARS protest stalled food transportation and delivery and in some instances destroyed food stores.
“Banditry in the northwest effectively prevented farmers from harvesting fields cultivated. “Farmers/herders conflict destroyed farm produce in some states and increased the cost of transportation.”
Consequently, states and the federal government were urged to adopt urgent measures including social protection schemes to deal with the situation.
The FG will also pursue the implementation of its ESP -Agric plan and others to positively improve the situation in the sector.
Also following Wednesday’s approval by the Federal Executive Council (FEC), the 2020 Finance Bill that seeks to provide more tax incentives for Nigerian businesses and individuals has been formally presented to State governors under the aegis of the NEC.
Akande listed some highlights of the proposed bill which is now headed
to the National Assembly include:
“Reduction in duties on tractors from 35 to 10 per cent, Reduction in
duties on motor vehicles for the transportation of goods from 35 to 10