The Federal Government on Monday declared that the price of rice would start to fall from November this year.
It stated that more Nigerians had returned to their various farms, adding that at the next harvesting season next month, the price of rice would start to crash.
This came as the government said that the delay in the approval of the 2016 budget had made it impossible to implement the capital expenditure in the agricultural sector.
The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said this while addressing members of the Senate Committee on Agriculture and Rural Development at the headquarters of the ministry in Abuja.
He said the Federal Government was against rice smuggling and noted that the Seme border had become a notorious route for the smuggling of contraband products into the country.
He stressed that if Nigerians failed to produce some of the items being imported before December, the price of rice could skyrocket to N40,000 a bag.