Oil subsidy, forex reforms paying off, says Senate C’ttee Chair

The Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola (Yayi) says the current administration’s reforms on the oil subsidy regime and foreign exchange have been yielding positive results. Adeola, who is representing Ogun West, said the results have translated into a sustained economic growth with a drop in the inflation rate. He spoke […]

The Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola (Yayi) says the current administration’s reforms on the oil subsidy regime and foreign exchange have been yielding positive results.

Adeola, who is representing Ogun West, said the results have translated into a sustained economic growth with a drop in the inflation rate.

He spoke on Tuesday in Ilaro, Ogun State, during the empowerment of over 5,000 farmers and donation of farm equipment and inputs.

The Senator facilitated the empowerment under the Renewed Hope Agriculture Initiative for Food Security.

Quoting statistics from the National Bureau of Statistics, Adeola said the inflation rate of 31.70% in February 2024 has dropped to 23.18%  February 2025.

“President Bola Ahmed Tinubu’s Renewed Hope Agenda is well on course with many positive results in less than two years of the administration.

“The reforms associated with the oil subsidy regime and the foreign exchange market are yielding expected results and the economy is on course to sustained growth. Inflation, particularly food inflation, came down in February according to data from the National Bureau of Statistics.”

Adeola said the empowerment programme targeted at addressing some of the challenges of farmers in line with Tinubu’s agenda on food security.

According to him, some of the challenges include low productivity, lack of training in modern agricultural practices, costly farm implements and seedling as well as limited access to funding.

He said a total of 5910 practicing farmers present have received training in various aspects of modern farming methods relative to their specialization.

Some of the empowerment items for the trained farmers organized in clusters are 19 Tractors; 536 water pumps; 1,800 Sprayers; 10,560 bags of NPK fertilizer; 2,880 Home Kit Fertilizer seeds and 5,577 Growth Enhancers.

Others are 66 Nos of 13 HP Power Tillers, 2,000 gallons of insecticide, 403 Porter Organic Liquid Fertilizers as well as other inputs like cassava stems and improved seedlings.

The Senator added that each of the farmers received a cash grant of N100,000 as a form of financial empowerment to enable them to focus on their farming and not trade away the inputs.

He called on farmers to always play their roles in reduction of poverty and hunger as  a factor in economic growth and national development.

In her remarks, State Coordinator, Ministry of Agriculture and Natural Resources, Dr Oluwatoyin Ayo-Ajayi, said the empowerment programme is part of the conscious efforts of the FG to empower farmers at the grassroots in order to reduce poverty.

“This is not just an empowerment of farmers but it’s an investment in the future of Ogun State,” she said.