President Bola Ahmed Tinubu has assured Nigerians that his administration is taking concrete steps to tackle food shortages and address hunger.
He stated that he has been meeting with Governors and key Ministers to accelerate food production.
The President gave the assurance during his Sunday nationwide live broadcast to Nigerians targeted at addressing the ongoing protests and updating citizens on the government’s efforts at revamping the nation’s economy.
President Tinubu disclosed that the Nigerian government would provide all necessary incentives, while states would provide land that would put millions of Nigerians to work and further increase food production.
The Nigerian Leader also confirmed that mechanised farming equipment worth billions of Naira ordered by the government in the last few months from the United States, Belarus, and Brazil are on the way.
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He said; “ I have been meeting with our Governors and key Ministers to accelerate food production. We have distributed fertilizers. Our target is to cultivate more than 10 million hectares of land to grow what we eat.
“The Nigerian Government will provide all necessary incentives for this initiative, whilst the states provide the land, which will put millions of our people to work and further increase food production. In the past few months, we have also ordered mechanised farming equipment such as tractors and planters, worth billions of Naira from the United States, Belarus, and Brazil. I can confirm to you that the equipment is on the way.”
Highlighting significant strides made to rebuilding the foundation of Nigeria’s economy in the last 14 months, the Nigerian Leader said; “aggregate government revenues have more than doubled, hitting over 9.1 trillion Naira in the first half of 2024 compared to the first half of 2023.”
The President said this is due to his administration’s effort at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people.
He also said that “the government has reduced revenue on debt service to 68% from 97 percent in the last 13 months, as well as cleared legitimate outstanding foreign exchange obligations of about $5billion without any adverse impact on the administration’s intervention programmes.”
The President stressed that this has given the government more financial freedom to adequately fund essential social services like education and healthcare.
“It has also led to our State, and Local Governments receiving the highest allocations ever in our country’s history from the Federation,” he explained.
Remarkably, President Tinubu outlined progress made on major infrastructure projects across the country with ongoing efforts to complete critical inherited projects such as roads, bridges, railways, power, and oil and gas amongst others that are cardinal to the economic prosperity of the nation.
He said; “Notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects will open up 16 connecting states, creating thousands of jobs and boosting economic output through trade, tourism and cultural integration.”
Oil and Gas
The Nigerian Leader also announced the resurgence of the nation’s once-declining oil and gas industry confirming it is experiencing a recovery following the ongoing crucial reforms.
President Tinubu further said that Nigeria recorded an increase in its oil production in July 2024, by 1.61 million barrels per day, while the gas assets are receiving the attention they also deserve.
He added that the country had recorded two Foreign Direct Investments signed of over half a billion dollars since the onset of the reforms.
VON