Food Import bill Jumps By 45% To N1.12tn– CBN report

Nigeria’s food import bill has jumped by 45 per cent to $2.71bn (N1.12tn) in 12 months, the Central Bank of Nigeria data have shown.

The CBN report on sectoral utilisation of foreign exchange, available on the central bank website, showed that the Federal Government spent $2.71bn on food imports from January to December last year.

In 2020, the Federal Government spent $1.87bn on food imports, showing an increase of 44.92 per cent or $840m in one year.

According to the CBN, in 2020, the government spent $164.89m, $146.21m, and $158.91m in January, February, and March, respectively, while $103.62m, $128.97m, and $137.58m were spent in April, May, and June, respectively

The report revealed that $80.73m, $122.51m, and $121.13m were spent in July, August, and September, respectively.

It further showed that $198.43m, $204.76m, and $305.88m were spent in October, November, and December, respectively.

According to the CBN, in 2021, the government spent $163.60m, $197.73m, and $171.05m in January, February, and March, respectively, while $156.30m, $135.72m, and $213.58m were spent in April, May, and June, respectively.

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