AreaNigeria

Commodity GroupRice

CommodityAll

Date17/08/2023

Policy CategoryConsumption and marketing

Policy InstrumentFood subsidies, stock release

DescriptionApproved the disbursement of NGA 5 billion (USD 6.5 million) for each state and the Federal Capital Territory to counter hikes in food prices and increases in the cost of petroleum following the removal of the long-standing oil subsidy in May 2023. The measure would reportedly allow each state to procure 100 000 bags of rice, 40 000 bags of maize, and fertilizers for public distribution. Fifty-two percent of the funds would be released to states in the form of a grant, with the balance to be paid back to the federal government within 20 months. It also announced the release of five trucks of rice to each federal state.

NotesExchange rate as of 16 October 2023.