“The rise in food prices is mostly caused by insecurity, high cost of transportation of the products, climate change, and the instability of the exchange rate of naira,” he said.
Speaking further, he added that the astronomical rise in the food prices had battered the purchasing power of citizens, leading to uncertainty, an increase in poverty, and a high cost of living.
He said that with food as a primary resource for human survival, the government at every level should undertake tangible programmes to defeat hunger in the land.
According to him, “A recent survey conducted by the National Bureau of Statistics (NBS) also confirmed that food prices have risen by over 100 per cent”.
Oyintiloye highlighted findings from the 2023/24 General Household Survey-Panel (GHS-Panel), launched on November 25, 2024, in Abuja, which showed that 65.8% of households could not afford healthy, nutritious, or preferred foods due to low income.
He noted that while the Bola Tinubu-led administration is making efforts to reduce food prices, many Nigerians continue to struggle to afford three square meals daily.
The APC chieftain also pointed out that despite the Federal Government’s food waiver policy and the Central Bank’s interventions to control inflation through monetary measures, the cost of food remains excessively high.
“The exchange rate fluctuations further exacerbate this issue, particularly affecting the prices of imported food items.
