Economy
Tinubu was Misled, Import Waiver Won’t Crash Food Prices – Buhari’s Ex-Aide
A former Special Adviser to ex-president Muhammadu Buhari on agriculture, Dolapo Bright, has criticized President Bola Tinubu’s decision to suspend duties, tariffs, and taxes on food imports, claiming that his advisers misled him into believing it would help reduce inflation. Speaking on the Inside Sources program with Laolu Akande, aired on Channels Television on Sunday, Bright explained that the policy would not address the root causes of Nigeria’s soaring food prices.
Bright argued that the rising costs of diesel and petrol, essential for transporting food, have significantly impacted commodity prices. He pointed out that even if imported food items are brought into the country, they still require transport to other states, which would drive up costs. “It doesn’t make sense because that is going to make our agriculture stagnant,” he said.
Food and commodity inflation in Nigeria has reached alarming levels, with the country facing its worst cost of living crisis in over six decades. When President Tinubu assumed office in May 2023, the inflation rate stood at 22.41%. By November 2024, this figure had surged to 34.6%, attributed largely to Tinubu’s policies on the removal of petrol subsidies and the unification of the foreign exchange rates. Food inflation, in particular, increased from 32.84% in November 2023 to 39.93% in November 2024, significantly raising the prices of staples such as rice, fish, yam flour, and milk.
To curb food inflation, the Tinubu administration introduced a suspension of customs duties on imported food items in July 2024. However, bureaucratic hurdles have reportedly delayed the implementation of the policy.
Bright, who served as Buhari’s agricultural adviser from 2015 to 2023, also criticized the government’s heavy-handed approach to agriculture. He suggested that the private sector should be allowed to lead, with the government creating the right environment for farmers to succeed. He highlighted the impact of high input costs, which have led to decreased production among farmers.
While President Tinubu announced in December 2024 that over 2,000 tractors were being brought into the country for mechanized farming, Bright expressed skepticism, stating that tractors alone would not solve Nigeria’s food shortage problems. He emphasized the importance of local labor in creating jobs and pointed out that over 80% of Nigerian farmers are engaged in subsistence farming.
-
Entertainment2 years agoAdanma Luke Appeals for Forgiveness over Junior Pope’s Death: “I’m Gradually Losing My Life, Please Forgive Me”
-
Security News2 years agoRivers: Tension as Gunmen on Speedboat Abduct Fubara, Police Launch Manhunt
-
Security News2 years agoSoldiers in South East Extort, Humiliate Us While Kidnappers Operate Freely Near Checkpoints, Igbo Women’s Group Alleges
-
Politics2 years agoRevealed: Ajuri Ngelale Fired Over Feud with Onanuga, Despite Medical Cover Story
-
General News2 years agoGov. Soludo Seals Peter Obi’s Campaign Office, Edozie Njoku-Led APGA State Office
-
Security News2 years agoEnugwu-Ukwu in Shock: Deadly Ambush Leaves Multiple Dead, Survivors in Fear
-
General News2 years agoVideo: Moment DSS Staff Erupt in Jubilation as News of Bichi’s Sack Announced
-
Breaking News2 years agoJUST IN: Presidential Adviser Ajuri Ngelale Steps Down Temporarily, Cites Reasons
