High food prices persist despite N1.25tn agriculture budget

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Farmers and stakeholders have criticized the rising food prices in Nigeria, despite the federal government allocating over N1.25 trillion to the Ministry of Agriculture and Food Security over the past three years. They argue that the high prices do not reflect the substantial budget meant to manage the sector.

The All Farmers Association of Nigeria highlighted that factors such as the devaluation of the naira have significantly contributed to making food unaffordable. Despite the availability of food items, their prices remain high, raising concerns about the effectiveness of the agricultural budgets for 2022, 2023, and 2024.

The Abuja Chamber of Commerce and Industry noted that the persistent increase in food prices is exacerbating poverty levels. Data shows a decline in the agriculture ministry’s annual budgets, with the 2024 allocation dropping to N362.94 billion. Farmers expressed that these budgets have had little impact on making food more affordable.

Source: PUNCH

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