Despite CBN interventions, rice records 92% price hike in six years - Punch Newspapers

The price of a 50kg bag of locally produced rice rose by about 92 per cent between January 2016 and December 2021 despite the various measures taken by the Federal Government to drive down the cost of the staple, findings have shown.

While unveiling the pyramids, the President, Major General Muhammadu Buhari , disclosed that the bags of paddy, when processed and supplied to markets, would drive down the price of the rice. The ABP is an elaborate low-interest loan scheme launched in November 2015 by the President through the CBN. According to the CBN, the broad objective of the programme is to create economic linkage between smallholders and reputable large-scale processors with a view to increasing agricultural output and significantly improving capacity utilisation of agricultural firms.

The only time you hear God from their mouth is always during elections...

There are rice paddies to release because it was all fake just to deceive Nigerians. Those that got the loans are not farmers, but people with political connections, 80% of the loans went to the north. CBN, show the list of borrowers.

Thank God for God. Left for CBN and this government, na only alibo and sand we for dey chop.

There was the intervention of enriching a selected few. Those who know El-rufai and the presidency.

Local producers quickly aligned their pricing with the price of imported rice smuggled into the country. I think the apex bank should have learnt their lesson in this regard. Put system & process in place before embarking on spending spree.

Audio rice pyramid

And they call it intervention...

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