I will not establish a price control board nor will I approve the importation of food – Tinubu tells Nigerians

Amidst the ongoing economic hardship that is stirring relentless concern across the country, President Bola Tinubu delivered a resolute message on Thursday, outlining his administration’s strategies to alleviate hardships and enhance national resilience.

Addressing the nation from the State House, the President reiterated his government’s commitment to implementing indigenous solutions to confront the forex crisis, insecurity, and food security challenges. He noted the need to bolster local food production and eradicate rent-seeking practices associated with food importation among other things.

“My administration is dedicated to evolving home-grown solutions to tackle our nation’s food security challenges head-on,” he said.

“I will not establish a price control board, nor will I approve the importation of food. We must extricate ourselves from hits predicament because importation only enables rent seekers to perpetrate fraud and mismanagement at our collective expense,” he added.

These solutions were announced during an emergency meeting with state governors, Vice-President Kashim Shettima, and key security officials. The President also disclosed decisive measures to address the security of lives and property. Notably, he approved the formation of a committee, comprising state governors and federal representatives, to explore the potential establishment of state police, aiming to enhance grassroots security efforts.

Additionally, the president endorsed initiatives to train and equip forest rangers at sub-national levels to safeguard human and natural resources.

“I have also endorsed the training and equipping of forest rangers by sub-national governments to protect human and natural resources in our communities.

“My stance is unequivocal: we must move aggressively to examine the issues raised, including the potential for establishing state police,” he said.

Expressing concern over reports of food hoarding in certain areas, Tinubu instructed security agencies to coordinate closely and inspect warehouses to prevent speculators and hoarders from undermining food accessibility. He noted his administration’s stance against price controls and food importation, advocating for support to local farmers and the swift implementation of livestock development plans.

In a plea for trust in the Central Bank of Nigeria’s management of monetary policy, President Tinubu urged governors to prioritize the welfare of citizens in their development initiatives. He cautioned against disruptive speculations on foreign exchange rates, emphasizing the importance of allowing designated institutions to fulfill their mandates effectively.

“The “cacophony of postulations” on the fluctuation of foreign exchange rates is adversely affecting the market. Not everyone can be an expert. If we have assigned someone a task, we must allow them to perform it. If they fail, then we must find a way to quickly remove them from the system,” he said.

Conclusively, the President urged unity among leaders in addressing insecurities, food shortages, and educational challenges. He affirmed his government’s unwavering commitment to improving the nation’s revenue profile and called for collaborative efforts to overcome prevailing challenges.

Read the full address below:

Dear Nigerians,

My administration is dedicated to evolving home-grown solutions to tackle our nation’s food security challenges head-on including setting up schemes to bolster local food production and cut out all forms of rent-seeking tied to food importation.

I reiterated this commitment during my emergency meeting today at the State House, with all 36 state governors, the Vice-President, Kashim Shettima, the National Security Adviser, the Inspector-General of Police, the Director-General of the DSS, and some ministers.

ON THE SECURITY OF LIVES AND PROPERTY

1. I have approved the creation of a committee that includes state governors and federal government representatives to explore, among other things, the possibility of establishing state police.

2. I have also endorsed the training and equipping of forest rangers by sub-national governments to protect human and natural resources in our communities.

My stance is unequivocal: we must move aggressively to examine the issues raised, including the potential for establishing state police.

ON FOOD SECURITY

Following reports out of Kano and other areas about large-scale hoarding of food in some warehouses, I have instructed the National Security Adviser, the Inspector-General of Police, and the Director-General of the Department of State Services to coordinate closely to ensure that security agencies in the states inspect such warehouses and take follow-up action.

1. We cannot allow speculators, hoarders, and rent seekers to undermine our efforts to ensure that food is widely available to all Nigerians.

2. I will not establish a price control board, nor will I approve the importation of food. We must extricate ourselves from this predicament because importation only enables rent seekers to perpetrate fraud and mismanagement at our collective expense.

3. Instead, we will support our farmers with schemes that encourage them to cultivate more food for the nation.

4. We must also rapidly but thoughtfully implement our livestock development and management plans, including dairy farming and others.

ON MONETARY POLICY AND THE CBN

I urge all governors to trust the Central Bank of Nigeria with the management of our country’s monetary policy and emphasize the need for designated institutions to effectively fulfill their mandate.

The “cacophony of postulations” on the fluctuation of foreign exchange rates is adversely affecting the market. Not everyone can be an expert. If we have assigned someone a task, we must allow them to perform it. If they fail, then we must find a way to quickly remove them from the system.

I also ask our governors to always prioritize the welfare and prosperity of our people in their development programs, and I assure them that the federal government will continue to work diligently to improve the nation’s revenue profile.

As leaders, we must all work together to address issues of insecurity, food security, and out-of-school children.

Thank You

Bola Ahmed Tinubu
President