The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reassured Nigerians that a reduction in food prices is on the horizon.
Speaking on Channels Television’s Sunday Politics programme, Edun attributed the anticipated decrease to the upcoming dry and wet season harvests.
Edun acknowledged that food insecurity is a global issue but highlighted the government’s proactive steps to tackle it.
He pointed out that special funding has been allocated to enhance infrastructure, aiming to boost agricultural output.
The minister emphasized that the government’s strategy focuses on increasing food production through the provision of essential resources such as seeds and fertilizers.
This, he believed, will significantly contribute to alleviating food inflation in the coming months.
He said,“Inflation, yes, it is high at 33.65%; food inflation at 40.5% is worrisomely high, but the fact is that inflation is coming down, month-on-month.
“It is slowing and it is expected to reduce as we continue the dry season harvest and then we go into the wet season harvest.
“That is the place to focus on and a lot of emphasis is being placed on that to get agriculture output up, to get prices down, and that will be a big factor in bringing down inflation.”
