Nigerian Finance Minister Wale Edun has announced a $1.3 billion plan to combat inflation and food insecurity in the country, which is facing its worst economic crisis in a generation.
Approximately $229 million will be allocated to health and social welfare, and around $328 million to agriculture and food security, Edun stated, emphasizing that the government will fund these measures, which will be implemented over six months.
He also mentioned other measures and goals, such as increasing the country's limited electricity supply, reducing losses in the oil sector, and boosting production.
Additionally, Nigeria plans to suspend taxes on certain food imports, including wheat and maize, for 150 days, and recommend a retail price to help control rising prices in Africa's most populous country, Agriculture Minister Abubakar Kyari announced.
This measure is part of the government's policy to curb food inflation, which has soared to over 40% year-on-year, and to stimulate fragile growth over nearly a decade.
In May, inflation reached a record high of 33.95%, with food inflation surpassing 40.6%, according to the national statistics office.
