CBN moves on curbing food inflation, donates N100bn fertilizers to farmers

The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, yesterday announced the allocation of 2.15 million bags of fertilizer, worth over N100 billion to the Federal Ministry of Agriculture and Food Security for disbursement to farmers to enhance agricultural production in the country. Cardoso said the donation was part of the apex bank’s contribution towards amplifying food production capabilities as well as fostering price stabilization within the agricultural sector amid high food inflation. In its Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities, the National Bureau of Statistics (NBS) disclosed that food inflation increased by 11.10 percent year-on-year to 35.41 in January compared to 24.32 in January 2023. Speaking at a meeting with the Minister of Agriculture and Food Security, Senator Abubakar Kyari, alongside Minister of Budget and Planning, Senator Abubakar Bagudu, and deputy governors of the apex bank, Cardoso said the central bank’s intervention not only seeks to address the core objectives of the bank, and the ministry of agriculture but also resonates deeply with the livelihoods of all Nigerians, particularly the escalating cost of food in the country.