Prime Minister Dr. Godwin Friday has outlined a series of strategic government interventions focused on bolstering local agriculture and providing key tax waivers to ensure the nation’s long-term economic resilience.
While other aspects of his 90-day emergency package address immediate cost-of-living spikes, these additional initiatives are designed to strengthen food security, protect construction jobs, and accelerate the transition to renewable energy.
To reduce the country’s dependence on expensive imported food, the government is introducing direct assistance for the agricultural sector.
Prime Minister Friday announced that local farmers will receive subsidized seeds as well as a 30% discount on fertilizers. This targeted support is expected to empower farmers to increase local food production, helping to shield the nation from future international market volatility and global supply chain disruptions.
Monitoring Construction Costs and Potential Cement Waivers Recognizing the economic importance of the building sector, the government is also keeping a close eye on the cost of construction materials.
If cement prices cross a critical threshold, the administration is prepared to introduce a Value Added Tax (VAT) waiver on cement. Prime Minister Friday highlighted that this proactive measure aims to protect local jobs and keep housing projects affordable for citizens despite broader inflationary pressures.