Business
Food Price Hike Amid N1.25tn Agric Budget Bothers Operators
Farmers and other stakeholders have expressed concern over high prices of food items in the market amid its availability, saying this does not speak well of the over N1.25trillion federal budget approved for the Federal Ministry of Agriculture and Food Security in three years to manage the sector.
Although they noted that the correlation between food prices and the federal budgets for agriculture was slim, they wondered why food prices had continued to rise despite being available.
Farmers under the aegis of the All Farmers Association of Nigeria (AFAN) also raised concerns about the devaluation of the naira, as they explained that this was also a significant factor that had made food unaffordable despite the over N1tn federal agriculture budgets in 2022, 2023 and 2024.
The concerns by farmers were further amplified by the Abuja Chamber of Commerce and Industry which declared on Saturday that the persistent hike in food prices was currently worsening poverty levels across the country.
In 2022, the agriculture ministry got the approval of N71.84bn as personnel cost, N3.7bn for overhead, and N386.65bn for capital projects, making a total allocation of N462.2bn.
The total budgetary allocation dropped to N426.99bn in 2023, as personnel cost was N80.94bn; overhead, N4.5bn; while capital project allocation was N341.6bn.
There was a further drop in the ministry’s 2024 budget, as its total allocation was N362.94bn, comprising personnel cost of N102.1bn, overhead was N8.1bn, while the capital project was put at N252.7bn.
President of AFAN, Kabir Ibrahim, in an interview with newsmen, said the budgets have had little impact on food prices, as the commodities have remained high despite the hundreds of billions of naira budgets to the agriculture ministry, whether in states or at the federal level.
On why the budgets seem not to have impacted food prices across the country, the AFAN President explained that though there is some level of food availability in Nigeria, the food items were unaffordable.
“You should look at food availability and not the cost of food. Yes, there is a relationship that when there is availability and demand, there could be affordable prices, but in Nigeria, I don’t think that relationship holds because the devaluation of the naira has caused so much turbulence.
“Many things are astronomically high based on our income and the value of our currency. The turbulence in our economy today is also due to the devaluation of the naira”, he stated.
On whether there is food availability in Nigeria currently, Ibrahim replied, “Honestly I had this argument with some people on Good Morning Nigeria show on NTA. Now, go to any food market and ask them for food.
“You will find out that there is always food but it is very costly. Have you searched for any food item and it is not available? Except probably the vegetables now, and this is because most of us don’t practice greenhouse farming, but the open production of vegetables and the rainy season are not supportive of that.
“So, you may find a scarcity of tomatoes, peppers and all that. But this is normal, we have always had it like this during similar periods when there was rain. Otherwise, you can’t say that you went to the market and there is no rice, beans, etc. They are there now but they are costly.
“Therefore, what we are experiencing is lack of affordability, not lack of availability. That is the difference. We have been talking about attaining food security and this means that food has to be available and affordable. Once it is not affordable for you and me, then it is as good as not there”.
Ibrahim, however, noted that the reduction in budgetary allocations between 2022 and 2024 had no significant correlation with the high cost of food items in the market.
“I don’t think there is any nexus between the drop in the national budget and the cost of food, because if you ask yourself, what is the performance of the budget so far? How much of the budget has been released to the agriculture ministry?
“So, the Federal Government is meant to create an enabling environment for the country, though farming activities take place in the states and Local Governments. When you look at the budget details, is there anywhere in it where farmers are given money to go and produce food?
“The government itself doesn’t have a farm. Also, when you look at this year’s budget, we are now in June and I don’t think that we have had up to 15 per cent of budget performance”, Ibrahim stated.
Continue Reading
A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.
?
?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident
By: CHINEDU WOSU
The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
-
Maritime4 hours agoProducts, Others, To Arrive Lagos Ports Today — MPA
-
Environment2 hours agoMOSOP – Tinubu Not Sincere With Ogoni People For Oil Resumption
-
Oil & Energy3 hours agoSEED: FG To Train 6,000 Energy Professionals
-
Environment2 hours agoNEWSAN Urges Investment For Water And Sanitation services
-
Environment2 hours agoNGOs Task Media On Investing In Climate Literacy
-
Maritime4 hours agoCustoms Harps On Human-led AI Governance –As Customs Digital Reforms Generate N230Bn
-
Maritime4 hours agoLagos Records Major Gains In Road, Rail, Water Transport —Osiyemi
-
News6 hours agoAfenifere Raises Alarm Over Attacks On Oyo Schools …Says Yorubaland Now Under Siege