Six Months Later: Why Tinubu's Food Price Pledge Remains Unrealized

 

Six months after the Nigerian government unveiled measures to combat soaring food prices, citizens are yet to feel the impact, as the cost of essential items remains stubbornly high.  

In July 2024, Minister of Agriculture and Food Security, Abubakar Kyari, announced a 180-day plan that included a 150-day duty-free import window for critical food commodities like maize, rice, wheat, and cowpea. The plan also suspended import duties, tariffs, and taxes, aiming to ease inflationary pressure. However, the policy’s implementation faltered, with bureaucracy cited as a significant obstacle.  

According to the National Bureau of Statistics (NBS), food inflation has continued to climb. While there was a slight dip in August 2024, the rate surged again by the year’s end, reaching a troubling 39.93% in November. These persistent price hikes have exacerbated poverty, driven up business costs, and contributed to stampedes for food aid in major cities like Abuja, Ibadan, and Anambra.  

Economic experts have criticized the short-term approach of the government, emphasizing that tackling food inflation requires more than temporary measures. Gbolade Idakolo, CEO of SD & D Capital Management, described the 150-day policy as ineffective due to poor implementation. Similarly, economist Dr. Samson Simon lamented Nigeria’s low ranking on the global food security index, citing inadequate investment in modern agricultural practices and ongoing insecurity.  

President Bola Tinubu recently reiterated his commitment to reducing inflation from 34.6% to 15% by the end of 2025. In his New Year address, Tinubu emphasized boosting food production and promoting local manufacturing. However, critics argue that the government must adopt a more holistic approach, prioritizing mechanized farming, research, and agricultural security.  

As Nigerians grapple with the reality of rising food costs, the question remains: can the Tinubu administration move beyond rhetoric and deliver tangible results in 2025?