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PRESIDENT BUHARI DIRECTS CBN TO STOP PROVIDING FOREX ON IMPORTED GOODS

By Njideka Ugonabo

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to stop providing foreign exchange for importation of food into the country.

This was contained in a statement issued by a presidential spokesman, Mallam Garba Shehu, in Abuja.

He said that the foreign reserves will be conserved and utilized strictly for diversification of the economy, and not for encouraging more dependence on foreign food.

President Buhari warned the CBN not to give a cent to anybody to import food into the country.

According to the president, some states like Kebbi, Ogun, Lagos, Jigawa, Ebonyi and Kano have taken advantage of the federal government’s policy on agriculture with huge returns in rice farming, urging more states to embrace the ongoing revolution in agriculture to feed the nation.

The president added that he was particularly delighted that young Nigerians, including graduates, have started exploring Agric-business and entrepreneurship, testimonies of good returns on their investments.

Meanwhile, President Muhammadu Buhari says the directive to the Central Bank of Nigeria to stop providing foreign exchange for food importation was to improve agricultural production and attain full food security.

The Presidential spokesman Mallam Garba Shehu, in a statement, said the president explained that foreign reserve will be used strictly for diversification of the economy.

He said the incoming ministers would be guided to meet the targets of the APC-led government for the people.

The president added that regular monitoring of their performances and scaling up of targets would be done by the Office of the Secretary to the Government of the Federation.

He insisted on compliance with laid down targets on key sectors of the economy that would directly impact on the livelihood of Nigerians.

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