There are indications that the federal government is considering the importation of paddy rice to millers to stem the growing tide of food inflation across the country.
The government also plans to import maize and rice seeds to farmers to boost production output in these staple crops.
The plans are likely to be approved through an Executive Order.
The proposed plan, however, is at variance with President Bola Tinubu’s stance on food imports earlier this year, that his administration will not continue food imports but use the challenges as an opportunity to grow.
A draft Accelerated Stabilisation and Advancement Plan (ASAP) recently submitted by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun to the President, recommended some executive orders to boost the effectiveness of the ASAP across different segments, reflecting the current economic problems bedevilling the country.
These include Executive orders on inflation reduction, employment generation, non-oil export promotion, prudent financial management, and tax information consolidation.
On inflation reduction, the document recommends among others, Import duty & VAT suspension on specified items; Importation of paddy rice by millers; and Import duty exchange rate peg.
On support plans for individual and commercial farmers across the country, the document recommended that within the first month of implementation, the federal government should grant approval “for immediate importation of Rice and Maize seeds Rice– 10,000MT (100,000Ha), Maize – 10,000MT (500,000Ha)”
It also recommended the onboarding of 2 million farmers across four value chains successfully to enhance productivity and sustainability.
