”We must eat what we produce”- President Buhari bars CBN from giving money to food importers



President Buhari has once again instructed the Central Bank of Nigeria (CBN) not to provide foreign exchange for the importation of food items.


The President gave the directive at the fifth regular meeting with the presidential economic advisory council that held at the statehouse in Abuja today December 29.


A statement released by Garba Shehu, the president’s senior special assistant on media and publicity, quoted President Buhari as saying Nigerians must eat what is produced here.


“The CBN must not give money to import food. Already, about seven states are producing all the rice we need. We must eat what we produce. Going back to the land is the way out. We depend on petrol at the expense of agriculture. Now the oil industry is in turmoil. We are being squeezed to produce at 1.5 million barrels a day as against a capacity to produce 2.3 million. At the same time, the technical cost of our production per barrel is high, compared to the Middle East production


Source: Linda Ikeji