The issue of naira redesign surfaced during the defense of the Ministry of Agriculture and Food Security's budget at the National Assembly.

Senator Abubakar Kyari, the Minister of Agriculture and Food Security, addressing the joint committee chaired by Senator Saliu Mustapha, noted that the primary focus of the 2024 budget proposals for the sector to boost food security in the country.

He highlighted various challenges, including insecurity and the naira redesign policy initiated around a year ago by the former Central Bank Governor, Godwin Emefiele, which adversely impacted farmers, posing a significant threat to food security in the nation.

Kyari said, “The cash crunch caused by the naira redesign made most of the farmers sell their farm produce at giveaway prices for survival since buyers couldn’t access cash to buy the produce from them.

“The policy, which coincided with the harvest season, ended up rendering the farmers empty financially.”

In their separate remarks at the session, the lawmaker representing Toro Federal Constituency in Bauchi State, Dahiru Haruna; and the lawmaker for Shomolu Federal Constituency of Lagos State, Ademorin Kuye, said there was an urgent need for the Federal Government to address the high rate of hunger in the country largely caused by insecurity.

Haruna said, “Honourable minister, being from the North-East, the picture I am about to paint shouldn’t be strange to you at all. The pathetic picture of people dying of hunger on a daily basis while the majority of those surviving feed once a day calls for concern.

“Making it worrisome is the fact that even people from neighbouring countries like Chad, Niger, Benin Republic and Central Africa are trooping in to mop up the little food, signaling total famine in the area if not urgently addressed by stockpiling the silos.”

Ademorin also cast doubt on the effectiveness of most silos constructed during the administration of former President Goodluck Jonathan.

He assured lawmakers that all raised issues were actively being addressed and would be conclusively resolved in the 2024 fiscal year.