Group asks FG to strengthen naira, sanction food hoarders

 

Ignatius Okorocha

 

The African Youths Assembly for Peace (AYAP) has urged the Federal Government to make concerted efforts towards strengthening the value of naira and check the rising inflation in the country.

 

Mr. Abdul-Aziz Yusuf, Head of Research and Information of AYAP made the call on Wednesday in an interview with the News Agency of Nigeria (NAN) in Abuja.

 

While expressing concern over the prevailing economic situation, Yusuf stressed the need for the government to urgently check the rising cost of foods items and other commodities in the country.

 

Yusuf urged the government to ensure stringent measure by redirecting its monetary policies to stabilise the naira to tackle the problem of exchange rate.

 

”Government must ensure immediate and effective policy implementation that would strengthen the naira and ensure a long-term economic sustainability plan because the situation at hand required concerted effort” he said.

 

The AYAP scribe said the rising cost of living occasioned by the increase in food prices must be addressed by placing an embargo on food export and sanction individuals involved in hoarding food items.

 

”It is unfortunate that some people are taking a dangerous step of hoarding this essential commodities like food items just to put more hardship on the citizenry.

 

”We are in emergency situation and unpatriotic citizens are bent on using the situation to inflict more hardship on the people, I believe government should be strict in that aspect to sanction those people involve in the act.

 

”As far as I am concerned, hoarding food items at this critical time is a criminal act and should be treated as such” Yusuf said.

 

Yusuf also called on state governors to join efforts with the Federal Government to check activities of food hoarders across the country.

 

NAN reports that, President Bola Tinubu had earlier directed the immediate release of 42,000 metric tones of maize, millet, garri and other commodities from the national reserve under the Presidential Committee on Emergency Food Intervention.

 

NAN also reports that, the Minister of Information and National Orientation Mohammed Idris, also told reporters that the Rice Millers Association of Nigeria also committed to release about 60,000 metric tons of rice to the markets to ensure availability and affordability

.Senate probes hike  in cement prices, other building materials

.Asks FG to  allow importation of cement as a stop gap measure

Senate on Wednesday at plenary began probe into the increase in cement prices and other building materials in the country with a view to finding a solution to the problem, just as it said that  the Federal  Government should allow the importation of cement as a stop gap measure.

 

Consequently,  the Senate has mandated the Senator  Francis Fadahunsi,  APC, Osun East led Senate Committee on Industries to conduct an investigation into the activities of cement manufacturing industries operating within Nigeria in order to ascertain whether market manipulation or monopolistic practice are the reasons behind the price and report back in two weeks.

 

The Red chamber has also mandated the committee to ensure that cement manufacturing companies adhere strictly to fair market practice and desist from anti competitive prices.

 

These resolutions of the Senate  were sequel to a a point of Order titled, “Need to urgently to address the increase in cement prices and other building materials in Nigeria and sponsored Senator  Oyelola Yisa Ashiru,  APC, Kwara South.

 

Ashiru who came under Order 42 on Personal Explanation, said that the construction industry was vital for infrastructure development and economic growth heavily relies on cement and other building materials for its sustenance.

 

He expressed worry that the recent trend of an almost daily increase in the price of the product  has severally hampered progress in various developmental endeavours across the country.

 

According to him, because key building materials particularly cement and iron rod prices are now sold at prohibitive rates with cement and iron rod recently rising from 5,500 per bag in Jan. 2024 to about 14,000 and 8,500 to 17,000 respectively.

 

He expressed worry that the sudden and stiff price increase is having a detrimental impact on critical infrastructure, housing and our own constituency projects across the country.

 

Ashiru who noted that raw materials for cement are sourced 100 oer cent locally not imported making this sude3n surge in prices  suspicious and perplexing.

 

He said, “Cognisant that affordable cement and other building are indispensable to national development,  addressing the issue in time will be advantageous to the construction industry because it will ensure the progress of constituency project and strengthen national security by providing jobs and stability and improve the livelihood of Nigerians generally.”