Fuel hike: CBN gives update on distribution of grains nationwide

Amid efforts to cushion the effect of fuel price increment, and rising inflation, the Central Bank of Nigeria says it has released grains nationwide in line with President Bola Ahmed Tinubu’s directive to drive food security.

According to Daily Trust Newspaper, the CBN’s Director of Corporate Communications, Abdulmumin Isa, revealed that the distribution would commence on Monday, 24th July.

News recalls that Tinubu had ordered the release of grains and fertilizer to over 50 million households in the country.

The resolution was reached during last Thursday’s National Economic Council meeting.

The CBN assured that everything had been put in place to guarantee the distribution of the grains from its strategic reserves.

“We’re part of the federal government’s arrangement. We’ve released some maize and rice from our strategic reserve as part of our drive for food security.

“The distribution will commence tomorrow (today) as scheduled, and everything has been put in place to ensure it is carried out smoothly,” he said.

Nigerians have been experiencing hardship occasioned by fuel subsidy removal and other policies of the government, with economists and financial experts calling for interventions.