President Bola Tinubu has vehemently opposed the idea of forming a commodity price control board, citing the ongoing economic difficulties as the reason for the spike in food and commodity prices. He has instructed the 36 governors to refrain from undue meddling with the Central Bank of Nigeria (CBN) and other pertinent institutions as they carry out their statutory duties.
Although the government had previously stated that plans were to create a national commodity body to address the rising cost of food, the president has now declared his opposition to the establishment of such a body.
Vice President Kashim Shettima was present at a recent high-level strategic meeting on climate change, food systems, and resource mobilization at the Presidential Villa in Abuja. The government had suggested the establishment of a board to monitor and control food prices in addition to keeping a strategic food reserve to keep the prices of staple grains and other food items stable.
President Bola Tinubu emphasized his refusal to establish a price control board in a statement issued by Chief Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, after an urgent meeting with governors and security chiefs regarding the economic and security situations in the nation.
The statement also included the president’s approval of the creation of a commission with federal government representatives and state governors on board to investigate ways to create state police, among other things.
