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.
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Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.
The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.
This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.
In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.
According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.
Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.
The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.
“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.
The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.
The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.
The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.
Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.
Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.
Enoch Epelle
Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.
Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.
The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.
The exercise is expected to reach more than 60,000 regular undergraduate students.
Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.
He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.
According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.
He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.
The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.
Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.
Nkpemenyie Mcdominic, Lagos
The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.
The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.
At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.
Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.
According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).
“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.
He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.
To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.
On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.
He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.
He expressed confidence that the renewal would be concluded soon.
Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.
“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said
Nkpemenyie Mcdominic, Lagos
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