CBN Allocates N100bn Worth Of Fertilisers To Farmers
The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced the allocation of 2.15 million bags of fertiliser, worth over N100 billion to the Federal Ministry of Agriculture and Food Security for disbursement to farmers to enhance food security in the country.
According to Cardoso, the donation was part of the apex bank’s contribution towards amplifying food production capabilities as well as fostering price stabilisation within the agricultural sector.
The CBN governor, therefore, emphasised the critical need to address food inflation as a pivotal aspect of managing overall headline inflation rates.
He said while the CBN had been implementing comprehensive measures to curb inflation, it was evident that in the short term, inflationary pressures may persist, predominantly driven by escalating food prices.
He said the bank resolved to strengthen collaboration with the Ministry of Agriculture to mitigate further a surge in food prices going forward.
Minister of Agriculture and Food Security, Senator Abubakar Kyari, alongside Minister of Budget and Planning, Senator Abubakar Bagudu, and deputy governors of the apex bank, Cardoso said the central bank’s intervention not only seeks to address the core objectives of the bank, and the ministry of agriculture but also resonates deeply with the livelihoods of all Nigerians, particularly the escalating cost of food in the country.
