Tinubu Vows To Tackle Food Inflation, High Cost Of Living As Osoba Urges Cooperation With FG
President Bola Tinubu has committed to addressing food insecurity and reducing the cost of living for Nigerians. To combat the rising food prices, the government announced a temporary suspension of tariffs on imported grains and other essential food items.
This announcement was made during the public presentation of Olusegun Osoba’s book, “My Life in the Public Eye,” where Tinubu, represented by Vice President Kashim Shettima, outlined immediate relief measures and long-term strategies for achieving self-sufficiency in food production.
Nigeria is grappling with a record-high inflation rate of 33.95% as of May 2024, driven by the devaluation of the naira and the removal of the petrol subsidy. The National Bureau of Statistics (NBS) reported that food inflation rose to 40.66% in May, significantly higher than the 24.82% recorded the previous year.
Ozekhome noted that the inflationary trends have led to an increase in Nigeria’s interest rates, which have risen by 750 basis points from 18.75% last July to 26.25% in May, as the central bank uses monetary tools to stabilize the economy. Key contributors to the rise in food inflation include semovita, oatflake, yam flour, garri, and various oils, meats, and fish.
Tinubu’s comments came in response to a Senate call for urgent action on food insecurity. At the event in Lagos, Tinubu emphasized the importance of local production alongside immediate relief measures. “We are taking steps to address food shortages by temporarily removing tariffs on imported grains and other food items,” he said. “We will continue to drive local production and ensure that we produce what we eat and use locally.”
Tinubu also stressed the need for unity and cooperation among Nigerians to overcome the country’s challenges, urging support for the administration’s efforts to improve living conditions. “As we work to overcome our current challenges, we must remember that unity and cooperation are essential,” he stated.
Former Ogun State Governor Olusegun Osoba, who celebrated his 85th birthday at the book launch, echoed these sentiments. He urged Nigerians to support Tinubu’s efforts to transform the country and expressed optimism about the future. “Our leader in Yorubaland, the late Obafemi Awolowo, said after darkness, there will be a great dawn and a great light. I’m confident that after all that is going on, that the great dawn and the great light will manifest,” Osoba said.
The event also celebrated Osoba’s contributions to journalism and politics. President Tinubu, along with other dignitaries including Senate President Godswill Akpabio and Secretary to the Government of the Federation Senator George Akume, praised Osoba’s lifelong service and his role in Nigeria’s democratic development.
Senate President Godswill Akpabio described Osoba as a man blessed with a long life who had significantly shaped democracy in Ogun State and Nigeria. Secretary to the Government of the Federation Senator George Akume lauded Osoba’s attributes and his commitment to Nigeria’s democratic progress.
Ogun State Governor Dapo Abiodun highlighted Osoba’s contributions to journalism and public service, noting that his legacy would continue to inspire future generations. Lagos State Deputy Governor Obafemi Hamzat, representing Governor Babajide Sanwo-Olu, called for constructive public commentary to support national development. Former Delta State Governor James Ibori also praised Osoba’s wisdom and readiness to provide good counsel.
Other notable attendees included former President Olusegun Obasanjo, Deputy Senate President Senator Barau Jibrin, Minister of Marine and Blue Economy Gboyega Oyetola, senators, former governors, business leaders, and media executives. They all paid tribute to Osoba’s legacy and called for continued support for Tinubu’s administration in delivering effective governance and economic stability for Nigeria.
President Tinubu expressed gratitude for Osoba’s health and contributions, wishing him many more years of good health. He encouraged other leaders to follow Osoba’s example by documenting their experiences to provide guidance for future generations.
