The Federal Government has blamed commodity middlemen and hoarders for worsening food scarcity and driving up prices, accusing them of purchasing produce directly from farmers, stockpiling the items in sealed warehouses and later selling them at excessively high rates.....KINDLY READ THE FULL STORY HERE▶
The Minister of Information and National Orientation, Mohammed Idris, made the allegation on Monday during a media briefing on the state of the nation. He said the practice was disrupting the distribution of available food supplies and making it harder for traders and consumers to access essential commodities.
Idris recalled incidents in Kano State where security operatives reportedly had to force open warehouses after some traders allegedly hoarded food items.
“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,” the minister said.
He questioned the motives of those allegedly taking advantage of food shortages to make excessive profits, warning that such practices could undermine government efforts to improve food availability and affordability.
Idris also stressed the need for Nigerians to support policies aimed at addressing the country’s food challenges. He argued that consumers should not be prevented from accessing available food supplies because middlemen were restricting the movement of commodities through the distribution chain.
The minister said the Tinubu administration had anticipated some of these challenges. He noted that the Minister of Agriculture and Food Security had been releasing food reserves, storing commodities in smaller silos and making them available when needed.
No Return To Fuel Subsidy
On the rising cost of petrol, Idris maintained that Nigeria was not the only country experiencing increases in fuel prices, attributing the trend partly to developments in the Middle East and their effects on 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 also dismissed claims that the Federal Government had reinstated fuel subsidies. He explained that the Nigerian National Petroleum Company Limited (NNPCL) had instead decided to reduce its profit margin to ease the burden of rising petrol 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?” Idris stated.
He described the decision as part of the company’s responsibility to ensure energy security, adding that President Bola Ahmed Tinubu was responding to the economic pressures facing Nigerians.
“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,” he added.
FG Defends Economic Performance
The minister also defended the Federal Government’s economic policies, accusing critics of selectively interpreting reports from international institutions, including the World Bank, depending on whether the findings supported their positions.
Idris argued that some critics welcomed international statistics when they appeared favourable to their arguments but questioned their relevance when the figures suggested a different outcome.
“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.
Providing figures to support his position, Idris stated 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.