The Senate has called on the Federal Government led by President Bola Tinubu to take immediate action to address the looming food insecurity in the country.
The lawmakers also urged the government to outline measures to combat the situation and address Nigerians on the issue.
The Senate’s resolution followed a motion sponsored by Senators Sunday Karimi (APC-Kogi) and Ali Ndume (APC-Borno) on the urgent need to address food insecurity and market exploitation of consumables in Nigeria.
Leading the debate, Senator Karimi expressed concern over the skyrocketing prices of goods and household consumables in Nigeria, leading to high inflation, weakened purchasing power, and affected living conditions for most Nigerians.
According to the National Bureau of Statistics (NBS), food inflation has risen to 40.66% on a year-on-year basis, with prices of food items like beans, maize, rice paddy, yam, tomatoes, and onions increasing by 100% to 300% without justification.
While insecurity in food-producing regions, bad roads, and transportation costs are contributing factors, Senator Karimi attributed the price hike mainly to merchants’, traders’, and retailers’ greed for supernormal profits.
He decried the “get rich quick” attitude prevalent among Nigerians, including the political class, technocrats, and corporate elites, who exploit public funds without consequences, leading to price overcharging and maximization of profits.