The Federal Government has accused commodity traders and hoarders of contributing to food scarcity and rising prices by purchasing agricultural produce directly from farmers, stockpiling the goods in warehouses and releasing them for sale at inflated rates.
The Minister of Information and National Orientation, Mohammed Idris, made the allegation on Monday during a media briefing on the state of the nation.
Idris said the practice was disrupting the movement of food through the supply chain, making it harder for marketers and consumers to obtain commodities despite their availability in the country.
He recalled incidents in Kano State where security agencies reportedly had to force open warehouses after operators allegedly stored large quantities of food items and sealed the facilities.
“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,” the minister said.
He added that such practices raised concerns about the conduct of traders who prioritised profits from scarcity over the need to ensure that essential food items remained accessible to Nigerians.
Idris maintained that tackling food insecurity required cooperation from all stakeholders, arguing that consumers should not be deprived of essential commodities because of restrictions created within the distribution chain.
He said the Tinubu administration had anticipated some of the challenges affecting food availability and had taken steps to improve access to government-held reserves.
According to him, the Minister of Agriculture and Food Security had been releasing stored commodities and distributing them through smaller silos to ensure supplies could be made available when needed.
The information minister said such interventions were intended to ease pressure on the food market, although he acknowledged the broader difficulties Nigerians were facing.
FG Denies Returning To Fuel Subsidy
Addressing concerns over rising petrol prices, Idris said the increase was not limited to Nigeria, pointing to developments in the Middle East and their effects on international energy markets.
He argued that movements in global fuel prices had affected several countries and should be considered when assessing the situation in Nigeria.
The minister also rejected suggestions that the Federal Government had reinstated petrol subsidies.
According to him, the Nigerian National Petroleum Company Limited (NNPCL) had chosen to reduce its profit margin to provide some relief to consumers rather than allow the full impact of rising costs to fall on Nigerians.
“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.
Idris described the decision as part of the company’s responsibility to support energy security and said President Bola Tinubu was mindful of the economic pressure facing households.
He maintained that the government would continue to consider measures capable of cushioning the effects of rising costs on citizens.
Minister Highlights Economic Growth, Lower Inflation
The minister also defended the administration’s economic policies, accusing some critics of selectively relying on reports from international institutions, including the World Bank, depending on whether the findings supported their positions.
He argued that economic assessments should be considered consistently rather than accepted or dismissed based on political considerations.
To support his position, Idris cited figures indicating that Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent during the corresponding period in 2025 and 3.5 per cent in 2024.
He also said the country’s current account surplus increased to $12 billion in the first half of 2026, from $8.6 billion in the corresponding period of the previous year.
According to the minister, inflation declined from approximately 27 per cent in January 2025 to around 15 per cent, while Nigeria’s external reserves exceeded $54 billion in September, which he described as their highest level in nearly two decades.
Idris attributed improved government revenue partly to reduced oil theft and increased crude oil production. He also pointed to greater stability in the foreign exchange market.
On non-oil trade, he said Nigeria generated more than $6 billion in export earnings in 2025, describing the figure as the highest recorded in the country’s history.
He said the earnings supported businesses operating in agriculture, mining, petrochemicals, manufacturing and logistics.
Despite the indicators he presented, Idris acknowledged that many Nigerians were still struggling with the cost of living.
He said the administration’s objective was to ensure that economic recovery translated into practical improvements, including job creation, stronger businesses, more affordable essential services and increased purchasing power.
FG Lists Road Projects, CNG Investment And Student Loans
Idris also highlighted infrastructure development and social intervention programmes as part of the government’s strategy to expand economic opportunities.
He said four major legacy road projects covered approximately 3,000 kilometres across the country’s six geopolitical zones, alongside numerous other infrastructure projects.
Among them, he cited a recently approved highway project in Niger State valued at approximately ₦1.5 trillion.
According to the minister, construction activities were creating opportunities for contractors, engineers, suppliers, artisans, transport operators and food vendors while supporting economic activity in affected communities.
On healthcare, Idris said the number of cancer treatment centres commissioned by the government had risen to 10.
He also disclosed that the Presidential Compressed Natural Gas Initiative had attracted approximately $2.5 billion in private investment, with more than 120,000 vehicles converted to operate on compressed natural gas.
The minister further cited the Nigerian Education Loan Fund, saying it had supported more than 1.6 million students.
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He also identified the 3 Million Technical Talent Programme as one of the administration’s efforts to equip young Nigerians with digital and other relevant skills for employment.
Government Promises Continued Talks With Labour
On workers’ welfare, Idris said the Federal Government remained committed to dialogue with organised labour over issues affecting employees.
He recalled negotiations that preceded the approval of the ₦70,000 national minimum wage, noting that Tinubu had proposed reducing the period for reviewing the wage from five years to three years.
The minister said the administration was taking major decisions aimed at addressing longstanding structural problems, stabilising the economy and creating the conditions for sustained growth.
“These decisions are producing measurable results and we are increasingly seeing the transition from economic reform to economic opportunity,” Idris said.