GistReel
President Bola Tinubu has ruled out the possibility of implementing price controls to reduce food prices in the country.
During a presidential media chat on Monday, Tinubu explained that he does not support price regulation, arguing that market forces of demand and supply will naturally drive prices down over time.
He stated, “I don’t believe in price control. I’m sorry. What we have to do is to keep supplying the market.”
Bola Tinubu
In a related development, the President has approved ₦95 billion for the rehabilitation of over 16 dams in Kano State to enhance irrigation farming and boost agricultural productivity.
The funding will also cover the construction of the Eastern Bypass Road, aimed at improving connectivity between Kano city and the southern region of the country.
Musa Illiyasu Kwankwaso, the newly appointed Executive Director of Finance at the Hadejia River Basin Development Authority, confirmed this in a statement.
He further announced the inauguration of a technical committee tasked with assessing the condition of the dams, including major infrastructures such as the Challawa Gorge Dam and Tiga Dam.
“Without mincing words, the inauguration of the technical committee to evaluate the Kano dams, including the Challawa Gorge Dam and Tiga Dam, among others, will enhance irrigation and improve agricultural productivity. This aligns with the efforts of the Hon. Minister Joseph Utsev to maximize these facilities in Kano.
“Similarly, the appropriation of ₦95 billion for the rehabilitation of dams in Kano, secured by Senator Kawu Sumaila from the southern part of the state, underscores the commendable efforts of Mr President.”
