Buhari Outlines Why FG stopped foreign exchange for food import

President Muhammadu Buhari has said the directive to the Central Bank of Nigeria, CBN, to stop providing foreign exchange for food importation was to improve agricultural production and attain full food security. 

Lagos State Governor, Mr. Babajide Sanwo-Olu; Chairman, Progressives Governors Forum(L-R) and Kebbi State Governor, Alhaji Atiku Bagudu; Chairman, Nigeria Governors’ Forum and Ekiti State Governor, Dr. Kayode Fayemi President Muhammadu Buhari; Katsina State Governor, Alhaji Aminu Masari; Deputy President of the Senate, Senator Ovie Omo-Agege; Governor Nasir El-Rufai of Kaduna State and Governor Godwin Obaseki of Edo State during the Governors’ visit to the President in Daura, Katsina, on Tuesday, August 13, 2019. 

The president also said he would use his second term in office to improve the lives of Nigerians by paying close attention to the poor and those on the lower rung of the society. 

Malam Garba Shehu, the president’s spokesman in a statement, said Buhari stated this when he hosted All Progressives Congress, APC, governors to Eid-el-Kabir lunch at his country home in Daura, Katsina State, yesterday. According to the president, the foreign reserve will be used strictly for diversification of the economy and not for encouraging more dependence on foreign food. “Don’t give a cent to anybody to import food into the country,” he said. 

The president noted that some states such as Kebbi, Ogun, Lagos, Jigawa, Ebonyi and Kano had taken advantage of the Federal Government’s policy on agriculture with huge returns in rice farming. 

Urging more states to plug into the ongoing revolution to feed the nation, Buhari said:  “We have achieved food security, and for physical security, we are not doing badly.” The President said he was particularly delighted that young Nigerians, including graduates, had started exploring agric business and entrepreneurship, with many posting testimonies of good returns on their investments.  

To monitor performance of ministers He said the incoming ministers would be guided to meet the targets of the APC-led government for the people. 

President Buhari added that regular monitoring of their performances and scaling up of targets would be done by the Office of the Secretary to the Government of the Federation. 

Buhari gave the assurance of attending the Presidential Policy Retreat organised for the ministers by Office of the Secretary to the Federal Government. 

He insisted on compliance with laid down targets on key sectors of the economy that would directly impact on the livelihood of Nigerians.