Business

FG Reduces Price Of Fertilizer

As part of efforts to ensure food security in Nigeria, President Muhammadu Buhari has ordered the reduction of fertilizer from N5,500 to N5,000 per bag.

Vice Chairman of the National Food Security Council and the Governor of Kebbi State, Atiku Bagudu made the disclosure on Tuesday while briefing State House reporters in Abuja after the council met with the Chief of Staff to the President, Professor Ibrahim Gambari.

The move follows the increase in food prices across Nigeria as the economy is yet to recover from the effect of the lockdown imposed by the Federal Government to curb the spread of COVID-19 pandemic.

“You are a living witness to the trend in the country. Before the program, fertilizer was sold for between N8,000 to N12,000 in 2016 and when we started the Presidential Fertilizer Initiative, it was brought down to N5,500 that is the NPK and this has been the trend for three years and now the president decided to reduce it by another N500.

“So, you can sell fertilizer at N5000 to the farmers and the factory price at N4,500. This has been going on, but we have a problem with one of our key raw materials, urea that is being supplied by Indorama out of Port Harcourt,” he said.

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