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CBN-RIFAN Brand To Crash Price Of Rice

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CBN-RIFAN

CBN-RIFAN Brand To Crash Price Of Rice

The mass production of the local rice, will among other numerous things, crash the prices of Nigeria’s most consumed staple food.

The programme, funded by CBN is midwifed by the Rice Farmers Association of Nigeria (RIFAN).

Already, the Secretary of RIFAN, Taraba State chapter, Mamman Rabiu flagged off the sale of the rice over the weekend.

He noted that 36,000 bags of padi rice were sold to the integrated millers, local millers, women groups and among others at the subsidized price of N11,000 per 100-kilogram bag.

Rabiu noted the 36,000 bags were collected from members of RIFAN as 30 percent equity of the 2019/2020 dry season recovery, adding that the rice was sold to millers in the local communities, who are expected to process it and resell to the community at a subsidized price.

He disclosed they have signed a Memorandum of Understanding (MoU) with the millers to sell the finished products at a subsidized price as part of efforts to ensure food security.

The secretary said the agreement would enable ntegrated millers who have bigger machineries for de-stoning and polishing to sell a processed bag of rice at N15,000 per 50 kilogram bag.

“It is worth mentioning that a 50kg local bag of rice sells at an average of N18,000 in Taraba state. On the other hand, the RIFAN agreement will see small holding millers (who don’t have machineries for de-stoning and polishing, etc) to sell their 50kg bag at between N13-13,500”, he added.

According to him, “The Taraba State success story is what is happening across the entire federation. The essence of ABP is to ensure food safety and security. By this, the local farmers are economically empowered, while the general public is fed with healthier and nutritious rice at affordable prices”.

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Recall that CBN Governor, Emefiele recently said in line with President Buhari’s directive, that the bank would boost provision of improved seedlings and access to finance for rural farmers in the agricultural sector across 10 commodities such as rice, maize, cassava, cocoa, tomato, cotton, oil-palm, poultry, fish, and livestock/dairy.

“Our choice of these 10 crops is driven by the amount spent on the importation of these items into the country and the over 10 million jobs that could be created over the next five years if efforts are made to expand the cultivation and processing of these items in Nigeria,” Emefiele said

Emefiele said the bank would sustain its intervention in the agriculture sector through its development finance mandate, in order to help catalyse growth in critical sectors of the economy such as agriculture and the manufacturing sectors.

“When I became governor of the Central Bank in June 2014, imports of rice, fish, wheat and sugar alone consumed about N1.3 trillion worth of foreign exchange from the Bank. My immediate question was: can we not produce these ourselves? After all, only a few decades ago, Nigeria was one of the world’s largest producers and exporters of many agricultural products like palm oil, cocoa and groundnuts,” the governor said.

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Agriculture & Nigerian Economy

Senate to Debate Petroleum Industry Bill October 20

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The Senate will on Tuesday, October 20, 2020, debate the petroleum industry bill forwarded by President Muhammadu Buhari to the national assembly last week.

The Senate will on Tuesday, October 20, 2020, debate the petroleum industry bill forwarded by President Muhammadu Buhari to the National assembly last week.

The disclosure was made in an announcement by the Senate President, Ahmad lawan.

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According to Lawan, early debate on the petroleum industry bill is expected to avert any delay in consideration, resulting from the upper chamber’s decision to suspend plenary for one month to enable ministries, departments, and agencies of government defend their respective budgets for the year 2021.

Lawan added that the critical piece of legislation, after the debate on the floor by lawmakers, would then pass for second reading and be referred to the joint committees on petroleum; and gas for further legislative work.

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Buhari Gives Breakdown of N13TN 2021 Budget

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BUHARI GIVES BREAKDOWN OF N13tn 2021 BUDGET

President Muhammadu Buhari on Thursday presented the proposed 2021 budget of N13 trillion to the National Assembly.

According to the President, the budget termed budget of Economic Recovery and Resilience will address key economic issues as the country tries to recover from the impact of the coronavirus and the oil price drop.

President Buhari while giving a breakdown of the budget says the 157 percent increase in capital allocation to health was to cater to facilities’ maintenance as well as procurement of vaccines and hospital equipment.

While voting N35.03b in favour of basic health care provision funds out of the N484.49 billion provided for statutory transfers in the 2021 budget, the president emphasized that it was an improvement over the revised 2020 provision.

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He was also optimistic that the capital allocation to health would further accommodate other relevant projects needed at the primary healthcare level.

In a similar vein, the president announced that the sum of N380.21 billion has been earmarked for the Ministry of Health as 2021 recurrent allocation for payment of salaries and overheads in ministries, departments, and agencies.

According to him, it was part of the federal government’s efforts to enhance national security and human capital development.

He lamented that preparing the 2021 budget in a pandemic was quite challenging following the negative impact it had on the health sector and the economy as a whole.

While soliciting the support and cooperation of the lawmakers, the president urged them to expedite action for speedy review and passage of the 2021 budget.

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Agriculture

Nigerian households experienced food insecurity in August-NBS

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68% Nigerian households experienced food insecurity in August

The National Bureau of Statistics (NBS) has revealed that Sixty-eight per cent of Nigerian household population witnessed different degrees of food insecurity ranging from moderate to severe in the month of August.

“The food security situation in Nigeria remains precarious, even as the lock down restrictions continue to be loosened.

“The share of households experiencing moderate or severe food insecurity remained high at 68 per cent in August 2020.

“About one in four households were indebted prior to the pandemic, while nearly a third have taken out new loans since the onset of the pandemic,” NBS said in the report.

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Nigeria is currently witnessing one of its most acute food crises in years, food inflation having hit its 29-month high of 16% in August .

Farmers in some parts of the north taking stock of losses from seeing flood submerging their Rice plantation, one of the major imports the country has barred in an effort to develop local sufficiency.

Recall that in September, President Muhammadu Buhari put the stopper on foreign exchange aimed at facilitating all food imports into the country in furtherance of his sometimes extreme interventionist policies in food production, a policy shift that could push the inflation figure for September, higher.

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