CBN’s naira re-design rendered farmers empty financially – FG

On Monday, the Federal Government stated that farmers were rendered bankrupt by the Central Bank of Nigeria's naira redesign policy, which was in effect from December 15, 2022, until the Supreme Court's decision to overturn it in early February 2015.

Federal lawmakers expressed regret in a similar way, saying that the rate of famine and hunger in the country is killing off rural poor people.

During Senator Abubakar Kyari's budget defence session before the National Assembly Joint Committee on Agriculture, the effects of the contentious redesign of the naira and the hunger caused by insecurity were lamented.
During his presentation before the joint committee led by Senator Saliu Mustapha (APC Kwara Central), the minister stated that achieving food security in the nation is the main goal of the budgetary proposals for the sector in 2024.

He said that the country's food security was seriously threatened by a number of factors, including the naira re-design policy implemented approximately a year ago and the poverty that the farmers experienced.

Due to the naira's redesign, most farmers were forced to sell their produce at discounted prices in order to survive, as consumers were unable to obtain the funds necessary to purchase it from them.

He claimed that the policy, which was implemented during harvest season, left farmers penniless.
Both Dahiru Haruna from the Toro Federal Constituency in Bauchi State and Ademorin Kuye from the Shomolu Federal Constituency in Lagos State warned that the federal government urgently needed to address the high rate of hunger in the nation, which is primarily caused by insecurity, in their separate remarks during the session.

During his speech, Haruna stated, "Minister, since you are from the North East, the picture I am going to paint shouldn't be strange at all."

The pitiful scene of daily hunger deaths, with most survivors only receiving food once a day.

"What's concerning is that, if the situation isn't immediately resolved by stockpiling the silos, people from neighbouring countries like Chad, Niger, Benin Republic, and Central Africa are pouring in to eat the meagre food, signalling complete famine in the area."

However, Ademorin dismissed the silos in his speech, telling the minister that the majority of the silos constructed under President Jonathan's administration are supposedly concessions worth N20 million apiece.
In response, the minister gave the lawmakers assurances that all issues would be taken seriously and addressed in the 2024 fiscal year.

According to Kyari, the ministry has repositioned itself to allow the agenda to be implemented, and food security is the top priority among President Bola Tinubu's administration's eight points of agenda.
Apart from the security agencies guarding the farmlands, he claims that some action plans already in place to guarantee food security in the nation include "certification of available planting materials for some food security crops in readiness for dry season farming."

"Evaluating the procedures and systems for providing farmers with inputs of fertilisers and agro-pesticides under a regime of openness and responsibility."

"Know how to launch and run the National Agricultural Development Fund quickly."
Establish a cooperative action plan with the Federal Ministry of Water Resources to ensure year-round food production by utilising the vast irrigation potential of the nation's flood plains and the River Basin Development Authorities.

He informed the committee earlier in his submission that N362.940 billion, of which N124.1 billion is designated for the Ministry, was set aside for the sector for the fiscal year 2024.

According to him, the N124.1 billion is broken down into N10.6 billion for personnel costs, N1.34 billion for overhead, and N112.497 billion for capital expenditures.