Oyintiloye expresses concern over unbearable hike in food prices
…calls for government intervention
By Deborah Oladejo, Osogbo
A chieftain of the All Progressives Congress (APC) in Osun State, Hon. Olatunbosun Oyintiloye, has expressed concern over the escalating cost of food items in Nigeria.
Oyintiloye, a member of the defunct APC Presidential Campaign Council (PCC), raised the alarm while speaking with newsmen on Sunday in Osogbo, saying the hike in food prices has made it increasingly difficult for many Nigerians to afford nutritious meals.
He emphasized the urgent need for governments at all levels to intervene and provide solutions to this growing challenge.
According to Oyintiloye, basic foodstuffs such as rice, beans, garri, semovita, and yam flour are becoming unaffordable for the masses, forcing many to settle for whatever is available.
He identified the primary causes of rising food prices as insecurity, high transportation costs, climate change, and the instability of the naira exchange rate.
A former lawmaker, Oyintiloye noted that the astronomical rise in food prices has severely weakened the purchasing power of citizens, leading to increased poverty, heightened uncertainty, and a higher cost of living.
He emphasized that food is a vital resource for human survival, and it is essential for governments at every level to implement concrete programs to address hunger in the country.
Citing a recent survey conducted by the National Bureau of Statistics (NBS), Oyintiloye pointed out that food prices have increased by over 100 percent. The 2023/24 General Household Survey-Panel (GHS-Panel), launched on November 25 in Abuja, revealed that 65.8 percent of households are unable to afford healthy, nutritious, or preferred foods due to low income.
While acknowledging the efforts of the President Bola Tinubu-led administration to reduce food prices, Oyintiloye lamented that many Nigerians are still struggling to afford three square meals a day.
He further noted that despite the federal government’s food waiver policy and the Central Bank’s efforts to curb inflation through monetary policy, food prices remain high.
“The exchange rate fluctuations further exacerbate this issue, particularly affecting the prices of imported food items,” Oyintiloye added.
He warned that the situation is becoming increasingly worrisome and unbearable for the masses, as many households can no longer afford nutritious meals, with some resorting to begging for survival.
“This is pathetic and no longer bearable for the masses. I urge both state governors and the federal government to intensify their efforts to prevent further increases in the cost of food items. If the factors driving this price hike are left unchecked, the situation may worsen,” he said.
Oyintiloye emphasized that the price hikes could worsen if immediate action is not taken to address the underlying factors driving food costs.
He also called on the Federal Competition and Consumer Protection Commission (FCCPC) to continue fulfilling its mandate by safeguarding the interests and welfare of consumers, reviewing economic activities to ensure quality products are available at competitive prices.
As the festive period approaches, Oyintiloye urged governments at all levels to establish markets where food could be sold at subsidized rates to ease the burden on citizens, at least during the festive season.
“The Federal Government and state governments should set up food markets where basic food items are sold at subsidized rates to cushion the challenge, especially for this festive season,” he concluded.
