THE SENATE
Note that in the last few months, the price of goods and household consumables have been on an abysmal rise in the country, leading to a high rate of inflation, weakened buying power, and general worsening of living conditions of vast majority of Nigerians.
Further Notes that the Latest data by Nigeria’s National Bureau of Statistics shows that food inflation in the country skyrocketed to 40.66 percent on a year-on-year basis, a significant increase from the 24.82 percent recorded in May 2023.The current market price of food items such as beans, maize, rice paddy, yam, tomatoes, and onions which initially rose by about 40% after the removal of petroleum Subsidy has now increased to over 100% to 300% without any attributable reason for the increase in prices.
Aware that although insecurity in food-producing regions, bad roads, increase in the cost of transportation attributable to the removal of fuel subsidy and depreciation of the value of Naira, are possible factors that have contributed to the increase in price of Food items, Household Commodities, and Consumables; the percentage of increase in cost of transportation and some under factors listed above, is significantly less than the percentage increase in the current prices of goods all over the country. The consistent rate of increase in the price of food items is not commensurate with the consistent margin of the rise in the price of food items and other consumables.
Worried that the greater percentage of the increase in prices of food items and consumables in the Country is not only due to these factors but to the zest of the merchants, traders, and retailers to make supernormal profits whilst they excuse the hike in price on these factors (depreciation of the Naira against the Dollar, increase in price of Petroleum Products due to Fuel price increase and insecurity in farming Regions), thereby heaping all the blame on the Federal Government. There is a general attitude of ‘’Get Rich Quickly’’ or ‘’Get Rich By All Means’’ leading many Nigerians to jettison ‘’being their brother’s keeper’’ and exploiting one another to make abnormal profits. This attitude has been justified on the basis that many members of the Political Class, Technocrats, and Corporate Elites have helped themselves with Public Funds without any repercussions in Law. Nigerian Traders have thus resorted to Price Gouging to maximize profits.
Further Worried that there are reports that Farming Communities in the Border Regions with other Countries, prefer to sell their food items abroad (to these neighbouring countries), rather than domestically (to the hinterland), thereby increasing local food insecurity.

Disturbed that all efforts made by the current Federal Executive to arrest the consistent increase in food inflation have not yielded the desired results. The Federal Government needs to be more pragmatic about addressing food insecurity, curbing herder farmer crises, kidnapping for ransom, and Terrorism, and ensure the development of a viable National Commodity Board to regulate the price of grains and ensure the elimination of artificial contributors to food and commodity inflation in Nigeria.

Resolves

1. The National Orientation Agency and the Federal Ministry of Information and National Orientation should come up with strategic programs on Unity, Contentment and Integrity In Nigeria.

1. Although the International Monetary Fund and World Bank frown at Price Control, the Federal Competition and Consumer Protection Council should come up with pragmatic ideas and oversight to eliminate artificial hikes in prices of food items, goods, and consumables in the Country.
2. The Federal Executive and the National Security Council must with urgency address the issues of Food Insecurity in this Country and arrest Herder Farmer Crises, Cattle rustling, and other forms of insecurity militating against Food Sufficiency in Nigeria.
3. Invite the Federal Minister of Finance and Co-ordinating Minister of the Economy to address the Senate on the congruence of the Nation’s Fiscal and Monetary Policy.
4. Invite the Minister of Agriculture to address the Senate on quick win, medium, and long-term efforts of the current administration to reposition the nation’s agriculture sector and the milestones of the efforts.
5. Mandate the Nigerian Immigration Service and the Nigerian Customs Service to increase Border Control and to combat and prosecute smugglers of Food items to neighbouring countries.