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PMB directs CBN to deny funds for food importation

President Buhari receives Virtual Presentation of the Presidential Economic Advisory Council (PEAC) in State House on 29th Dec 2020.

President Muhammadu Buhari has directed the Central Bank of Nigeria, CBN not to approve money for food importation.

He said government would keep a keen eye on food inflation in the New Year.

He gave the directive at a 5th regular meeting with the Presidential Economic Advisory Council held at the State House, Abuja, on Tuesday.

7 States were producing enough rice for local consumption, the President said but agreed that measures must be put in place to curtail inflation.

The meeting, which was for a review of, and reflections on the global and domestic economy in the outgoing year, was attended by the Vice President, Professor Yemi Osinbajo and other ministers, where certain policies were adopted.

Nigeria’s continuing but fragile economic

It noted the sharp deterioration in international economic environment and its impact on Nigeria’s continuing but fragile economic recovery; that Nigeria’s economic growth continues to be constrained by obvious challenges including infrastructural deficiencies and limited resources for government financing.

It emphasized the need to make the private sector the primary source of investment, rather than government.

The meeting reviewed progress towards structural reforms in response to the economic crises, including the institution of the Economic Sustainability Plan, the changes in electricity tariff and fuel pricing regime, the partial re-opening of the Land Borders, the movement towards unification of exchange rates and budgetary reforms through Finance Bill 2020 and 2021.

It agreed that, to prepare the country for the challenges ahead, it is imperative to ensure Macro-economic stability, create certainty and re-build investor confidence in the economy.

It emphasized the need to deepen structural reforms initiated by the administration as a basis for stimulating investments from domestic and international sources with a view to raising productivity in key sectors of the economy.


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