The Federal Government on Monday said the naira redesign policy carried out by the Central Bank of Nigeria from December 15, 2022, to early February this year when the Supreme Court ruled against it, ran farmers bankrupt.
In a similar lamentation, federal lawmakers declared that the rate of hunger and famine in the land is resulting in the deaths of the poor in rural areas.
Lamentations on the effects of the controversial naira re-design and hunger arising from insecurity came to the fore during the budget defence session the Minister of Agriculture and Food Security, Senator Abubakar Kyari, had before the National Assembly Joint Committee on Agriculture.
In his presentation before the joint committee chaired by Senator Saliu Mustapha ( APC Kwara Central), the minister said the focus of the 2024 budgetary proposals for the sector is to achieve food security in the country.
According to him, several factors like insecurity and the naira re-design policy carried out about a year ago, impoverished the farmers and severely threatened food security in the country.
“The cash crunch caused by the naira re-design made most of the farmers sold their farm produce at giveaway prices for survival since buyers couldn’t access cash to buy the produce from them.
“The policy which coincided with harvest season, ended rendering the farmers empty financially,” he said.
