Senate Urges Federal Government to Address Impending Food Insecurity

The Senate has called on the Federal Government to urgently implement measures to combat the looming food insecurity in the country.

Additionally, the Senate has requested that the government outline the steps being taken to address this critical issue and communicate these measures to the public.

This resolution followed the adoption of a motion on the urgent need to address food insecurity and the market exploitation of consumables in Nigeria during a plenary session.

The motion was sponsored by Senators Sunday Karimi (APC-Kogi) and Ali Ndume (APC-Borno).

Leading the debate, Senator Karimi highlighted that the prices of goods and household consumables in Nigeria have reached unprecedented levels in recent months.

This surge in prices has led to a high rate of inflation, weakened purchasing power, and negatively impacted the living conditions of the majority of Nigerians.

Karimi cited data from the National Bureau of Statistics (NBS), which showed that food inflation in the country skyrocketed to 40.66% on a year-on-year basis, a significant increase from the 24.82% recorded in May 2023.

“The current market prices of essential food items such as beans, maize, rice, yam, tomatoes, and onions, which initially rose by about 40% after the removal of the petroleum subsidy, have now increased by between 100% and 300% without any clear reason,” Karimi said.

He pointed out several factors contributing to the rising prices, including insecurity in food-producing regions, poor road conditions, increased transportation costs, and the depreciation of the Naira.

However, Karimi emphasized that a significant portion of the price increases is driven by the greed of merchants, traders, and retailers seeking to make exorbitant profits.

“There is a prevailing attitude of get-rich-quick, leading many Nigerians to exploit one another for abnormal profits,” he said.

“This behavior is often justified by the perception that many political, corporate, and technocratic elites have misappropriated public funds without facing any legal consequences.

As a result, traders have resorted to overcharging prices to maximize profits.”

The Senate’s resolution underscores the urgency of addressing food insecurity and calls for swift government intervention to stabilize prices and ensure food affordability for all Nigerians.