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Economy

Tinubu Orders Swift Action to Cut Soaring Food Prices

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President Tinubu orders swift action to cut food prices, directing a FEC committee to ensure safe and affordable transport of farm produce nationwide

Tinubu food price reduction efforts have intensified, with the President directing a high-level Federal Executive Council (FEC) committee to implement urgent measures aimed at easing food costs for Nigerians.

Also read: Dangote Fertiliser Plant Deal Boosts Ethiopia’s Food Security

The announcement was made on Wednesday in Abuja by Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, who said the directive focuses on facilitating the safe passage of farm produce across Nigeria to reduce transportation-related inflation.

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“The President has given a matching order… on how we are going to promote safe passage of agricultural foods and commodities across our various routes in the country,” Abdullahi said during a Senate correspondents’ workshop.

The initiative addresses a core factor behind Nigeria’s rising food prices—skyrocketing logistics costs caused by insecurity, poor infrastructure, and the removal of fuel subsidy.

Farmers and food distributors have increasingly faced security threats on highways, leading to delays, losses, and higher consumer prices.

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The Minister stressed that Tinubu’s food agenda is about more than just availability—it’s a long-term strategy to ensure affordability, accessibility, and nutrition.

“Food security must move beyond silos and warehouses. It must reflect in the average Nigerian’s ability to afford and access nutritious food,” Abdullahi added.

To boost productivity and sustainability, the government is launching a Farmer Soil Health Scheme aimed at improving crop yields through better soil management.

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In parallel, a revamped cooperative reform initiative will be introduced to mobilise rural resources and empower local farmers, a sector Tinubu sees as vital to achieving food sovereignty.

“Mr. President has shown tremendous interest in the cooperative sector as a veritable tool for resource mobilisation and economic activity generation,” the Minister said.

Nigeria continues to battle rising food insecurity, worsened by inflation, climate change, and insecurity in agricultural zones.

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While the Central Bank and state governments have rolled out intervention programmes, food remains largely unaffordable for millions.

Analysts believe this new directive from Tinubu is an acknowledgment of growing public pressure and may serve as a confidence booster for investors in the agro-logistics value chain.

The event where the announcement was made—a capacity-building workshop for Senate correspondents—also featured:

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  •  Senator Yemi Adaramodu, Chair of the Senate Media Committee
  •  Former presidential aide Senator Ita Solomon Enang
  • NILDS DG, Prof. Abubakar Sulaiman

Alsso read: Kogi Health Workers Receive Training in Major Anti-Malnutrition Drive

The conversation focused on how effective reporting can amplify public accountability in policy implementation, particularly on urgent issues like food security.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

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NRS

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

Also read: Wike Celebrates Fintiri at 59, Hails Him as Loyal Friend

The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

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Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

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He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

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The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.

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Also read: Wike Celebrates Fintiri at 59, Hails Him as Loyal Friend

The NRS urged taxpayers to rely on the provisions of the law and official explanations when assessing their obligations under the new framework.

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