Despite securing multilateral loans amounting to $3.334bn (N5.178tn) and attracting over $4.3bn investments to boost food production, the cost of essential staple food items skyrocketed by 60.88 per cent under the leadership of President Bola Tinubu, The PUNCH reports.
When Tinubu assumed office in May 2023, food inflation was 24.82 per cent. It jumped to about 40 per cent in November 2024. This is based on data from the National Bureau of Statistics.
This is occurring as Nigerians are increasingly struggling to afford basic food items, with many households finding it difficult to make ends meet due to the sharp rise in prices.
This stark increase in food prices stands in contrast to the government’s ambitious efforts to address food security and agricultural development, raising concerns about the effectiveness of current economic policies, the impact of inflation, and the challenges in translating financial support into tangible relief for Nigerians.