President Muhammadu Buhari has ordered the reduction of the cost of fertilizer from N5,500 to N5,000 naira per bag.
The reduction was announced by the Vice Chairman of the National Food Security Council and the Governor of Kebbi State, Atiku Bagudu.
He disclosed this on Tuesday while briefing State House reporters in Abuja after the council met with the Chief of Staff to the President, Professor Ibrahim Gambari.
Bagudu explained that the Federal Government’s decision to reduce the price was to ensure food security in the country.
“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.