180 Days On, Tinubu Government’s Food Price Intervention Fails to Deliver Promised Relief

Six months after the Nigerian government announced a series of measures to curb soaring food prices, citizens are still grappling with rising costs, as the promised relief remains elusive.

In July 2024, the government unveiled a 180-day plan aimed at addressing food inflation. The Minister of Agriculture and Food Security, Abubakar Kyari, detailed the initiative on his verified X account, announcing a 150-day duty-free import window for select food commodities. This included the suspension of duties, tariffs, and taxes on imports of maize, husked brown rice, wheat, and cowpea through land and sea borders. The plan was expected to stabilize prices by January 7, 2025.

Despite these efforts, food prices have remained stubbornly high. The National Bureau of Statistics (NBS) reported a food inflation rate of 40.87% in June 2024, which rose to 39.93% by November. Comparisons with 2023 data show significant year-on-year increases, highlighting the persistent inflationary trend. While a brief decline was recorded in August 2024, the overall trajectory has remained upward, leaving Nigerians struggling to afford basic staples.

President Bola Tinubu addressed the issue in his 2025 New Year message, reiterating his administration’s commitment to reducing inflation to 15% and boosting food production. Acknowledging the challenges, Tinubu outlined plans to increase local agricultural output and promote domestic manufacturing of essential goods.

Economic experts have criticized the government’s approach, pointing to implementation delays and insufficient prioritization of agriculture. Gbolade Idakolo, CEO of SD & D Capital Management, attributed the failure of the duty-free policy to bureaucratic inefficiencies and a short implementation timeline. He argued that the policy required at least two years to take effect.

Similarly, Dr. Samson Simon, an economist with ARKK Economics and Data Limited, highlighted Nigeria’s poor standing on the global food security index. He pointed to the rising cost of living and hunger-induced stampedes in cities like Ibadan, Anambra, and Abuja as evidence of the deepening crisis. Simon criticized the lack of mechanization and modernization in agriculture and called for greater budgetary allocation to the sector. He argued that a quarter of the national budget should be devoted to agriculture, coupled with intentional efforts to ensure effective implementation and accountability.

Simon also emphasized the impact of insecurity on farming, noting that fear of violence and kidnappings prevents many farmers from working their land. He urged the government to address security challenges to enable agricultural productivity.

The Centre for the Promotion of Private Enterprise (CPPE) echoed these concerns in its 2024 Economic Review, warning that high inflation has eroded business profits and worsened poverty levels. While the CPPE noted potential for slight improvements in 2025, driven by exchange rate stability and easing geopolitical tensions, it stressed that systemic issues like high energy costs and transportation expenses could continue to drive inflation.