WHILE speaking at the fifth regular meeting with the Presidential Economic Advisory Council, PEAC, Tuesday, December 29, 2020 at the State House in Abuja, President Muhammadu Buhari again directed the Central Bank of Nigeria, CBN, not to release forex from the country’s reserves for the importation of food items.
He declared that seven states are already producing all the rice for the citizens’ consumption. The president had issued similar orders to the CBN in August and September 2020.
First, the order to CBN, considering its autonomy, is illegal. It is also an unrealistic measure given that most of the foreign exchange used to import rice is not sourced from the banks.
Second, the claim that Nigeria now produces all the rice she needs has been debunked by economic indices. Economists argue that the astronomical price of locally produced rice tells the truth.
Nigerians still consume a lot of smuggled foreign rice. The price of any food item, experts say, cannot jump from…
Source: Vanguard Newspaper