FG Blames Middlemen For Rising Food Prices, Says Tinubu Is A Listening President

The federal government has accused commodity middlemen and hoarders of worsening food scarcity by buying produce directly from farmers, storing it in sealed warehouses and later selling it at exorbitant prices.

The Minister of Information and National Orientation, Mohammed Idris, made the allegation on Monday during a media briefing on the state of affairs in the country, saying the practice was making it difficult for marketers and consumers to access available food items.

Idris recalled instances where security agencies had to force open warehouses in Kano after some operators allegedly stockpiled commodities.

“We had a situation in this country where some hoarders, you know, taking advantage of the situation, were buying off these commodities, putting them in warehouses, and even sealing the warehouses. In some instances, in Kano, I recall, that security agencies had to go there and force some of these warehouses open,” he said.

The Minister questioned the patriotism of those involved, arguing that individuals seeking to profit from scarcity could undermine government efforts to improve food availability and affordability.

Naija News reports that he said Nigerians had a collective responsibility to support government policies, stressing that consumers should not be denied access to food simply because middlemen were restricting its movement through the supply chain.

Idris added that the administration of President Bola Tinubu anticipated such challenges, noting that the Minister of Agriculture and Food Security had been releasing reserves, storing commodities in smaller silos, and making them available when necessary.

No Return Of Fuel Subsidy

On rising petrol prices, Idris said the increases were not peculiar to Nigeria, pointing to developments in the Middle East and their implications for international energy markets.

“If you follow what is happening in the Middle East now, you will have noticed that price of fuel has not gone up only in Nigeria. It has gone up in so many other places,” he said.

The minister dismissed suggestions that the government had returned to fuel subsidy, explaining that the Nigerian National Petroleum Company Limited (NNPCL) had opted to reduce its profit margin to cushion the impact of rising prices on consumers.

“What the NNPC has done is they have looked at it and said, okay, we are making this much profit. Why can’t we forego some of the profit that we are making so that Nigerians will have, you know, some form of cushion?” he said.

He described the decision as being within the company’s mandate to ensure energy security, adding that President Tinubu was responsive to the difficulties Nigerians were facing.

“President Bola Tinubu is a listening president. He cannot just sit and see that countrymen are facing the pressure that they have not seen coming and they will not do anything about it,” Idris added.

Economic Performance

The Minister also defended the administration’s economic policies, accusing critics of selectively interpreting reports by international institutions, including the World Bank, depending on whether the findings supported their arguments.

“Whenever World Bank reports say something that is very favourable, you know, they will say, my statistics will go chop. But when there seems to be something that indicates otherwise, then we hold on those statistics as if they actually matter,” he said.

Idris said Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent in the corresponding period of 2025 and 3.5 per cent in 2024.

He added that the country’s current account surplus rose to $12bn in the first half of 2026, up from $8.6bn in the same period of 2025.

According to him, inflation had declined from about 27 per cent in January 2025 to around 15 per cent, while external reserves exceeded $54bn in September, the highest level in almost two decades.

The minister also attributed improved government revenue to reduced oil theft and increased production, while noting that the foreign exchange market had stabilised.

He said Nigeria generated more than $6bn from non-oil exports in 2025, describing the figure as the highest in the country’s history. He added that the earnings benefited local businesses in agriculture, mining, petrochemicals, manufacturing and logistics.

Despite the reported improvements, Idris acknowledged that many households were still struggling with the cost of living.

He said the President remained committed to ensuring that economic recovery translated into tangible benefits, including more jobs, productive businesses, affordable essential services and improved purchasing power.

Infrastructure And Social Interventions

The Minister said government spending on infrastructure was supporting businesses and creating opportunities for workers across different sectors.

He noted that the four legacy road projects covered about 3,000 kilometres across Nigeria’s six geopolitical zones, alongside hundreds of other projects, including a recently approved highway project worth approximately N1.5tn in Niger State.

According to Idris, the projects were generating economic activity for contractors, suppliers, engineers, artisans, transporters and food vendors.

He also highlighted the commissioning of additional cancer treatment centres, which he said had brought their total number to 10.

On the Presidential Compressed Natural Gas Initiative, the minister said the programme had attracted about $2.5bn in private investment, with more than 120,000 vehicles converted to run on compressed natural gas.

He further cited the Nigerian Education Loan Fund, saying it had supported more than 1.6 million students. He also referenced government funding and commitments for the CNG initiative, although the figures provided in his remarks were not clearly distinguished by category.

Idris added that the government’s 3 Million Technical Talent Programme was among its interventions aimed at equipping young Nigerians with relevant skills.

FG Pledges Continued Engagement With Labour

On labour relations, the Minister said the government would continue engaging organised labour to address workers’ concerns.

He recalled negotiations over the ₦70,000 minimum wage, during which President Tinubu proposed reducing the interval for reviewing the national minimum wage from five years to three years.

Idris had earlier said the administration was taking what he described as bold decisions to address longstanding structural weaknesses, restore stability and establish a stronger foundation for sustained economic growth.

“These decisions are producing measurable results and we are increasingly seeing the transition from economic reform to economic opportunity,” he said.