NEC Approves Release of N5 Billion Worth Of Food Items

The National Economic council has approved the release of more food items to the 36 states and the Federal Capital Territory to reduce the impact of the rising cost of food and other commodities.

It was also disclosed at the NEC meeting that the Federal Government has approved the sum of 5 billion Naira for each state for the procurement of food items, but 52 percent of this money will be disbursed as grants while 48 percent is to be paid back to the Central Bank of Nigeria within a period of 20 months.

The National Economic Council has continued to roll out more interventions to cushion the impact of the withdrawal of subsidy payment.

Already, there is a disruption to the National life with the rising inflation that has caused a spike in prices of food items, transport and other commodities.

The Federal government has approved five billion Naira for each state and trucks of food items and other commodities as a stopgap to push back the current economic hardship.

The National Economic Council disclosed that the federal government is yet to provide succour to households and communities impacted by the devastating floods of 2022, that washed away lives and livelihood.

This is because some governors of the affected States are yet to submit a comprehensive report on the loss incurred.

As the implementation of Resolutions reached by the country’s highest economic body continues across the country, NEC is also getting presentations and input from various Stakeholders on how to grow the economy and improve the quality of living.

Border communities between Nigeria and Niger republic will also get special attention as they grapple with the biting effect of the border closure and the influx of refugees due to sanctions imposed by ECOWAS on the landlocked west African country