The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government is making concerted efforts to reduce food importation.
Edun, while fielding questions at the inter-ministerial press briefing which is part of activities to mark Nigeria’s 64th Independence Anniversary, noted that the long-term agricultural goals of the Federal Government is already yielding results.
He said the production of seeds and seedlings made available to farmers is part of efforts by the government to improve on food production.
He also said that the removal of fuel subsidy was a necessary and bold move by President Tinubu that has drawn support from international financiers.
Edun said that although the effect of the subsidy removal has been tough on Nigerians the government has embarked on several intervention to cushion the hardship by the direct payment of N75,000 to 15 million households.
According to him, just last week, 840,000 payments have been made already.
On the petroleum sector, the Minister mentioned that the president has implemented a major innovation in facilitating a mechanism where domestic operators can buy crude from local refineries in naira.
He said efforts to stabilize the economy are yielding fruits as inflation is reducing, exchange rate stabilizing and the nation’s reserves are rising.
