
News
Food inflation hits 60.88% despite FG $3.3bn agric loan
Despite securing multilateral loans amounting to $3.334bn (N5.178tn) and attracting over $4.3bn investments to boost food production, the cost of essential staple food items skyrocketed by 60.88 per cent under the leadership of President Bola Tinubu.
When Tinubu assumed office in May 2023, food inflation was 24.82 per cent. It jumped to about 40 per cent in November 2024. This is based on data from the National Bureau of Statistics.
This is occurring as Nigerians are increasingly struggling to afford basic food items, with many households finding it difficult to make ends meet due to the sharp rise in prices.
This stark increase in food prices stands in contrast to the government’s ambitious efforts to address food security and agricultural development, raising concerns about the effectiveness of current economic policies, the impact of inflation, and the challenges in translating financial support into tangible relief for Nigerians.
Upon assumption of office in May last year, President Tinubu promised to prioritise food availability and security, stressing that the government would cultivate about 500,000 hectares of farmlands to combat hunger in the country.
“I am well aware that for some time now, the conversations and debates have centred on the rising cost of living, high inflation, which is now above 28 per cent, and the unacceptable high under-employment rate.

“To ensure constant food supply, security, and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet, and other staple crops”, Tinubu stated in his new year address amidst other commitments.
However, the spiral increase in transportation costs occasioned by the removal of fuel subsidies, massive devaluation of the naira, and ravaging insecurity have fuelled a rapid increase in the price of all food commodities over 19 months.
Data obtained from the Consumer Price Index report released by the National Bureau of Statistics between May 2023, when Tinubu assumed office, and November 2024 showed that for 14 consecutive months, Nigerians spent increasingly more money each time they visited the market to buy food items.
A breakdown showed that food inflation increased from 24.82 per cent in May 2023 to 25.25 per cent in June, 26.98 per cent in July, 29.34 per cent in August, 30.64 per cent in September, 31.52 per cent in October, 32.84 per cent in November and 33.93 in December 2023.
By January 2024, the price of food items increased to 35.41 per cent and surged further to 37.92 per cent in February, 40.01 per cent in March, 40.53 per cent in April, 40.66 per cent in May, 40.87 in June, before witnessing a drop to 39.53 per cent in July and 37.52 per cent in August due to the harvest season.
In September, the cost of food increased again to 37.77 per cent, 39.16 per cent in October, and 39.93 per cent in November, which is almost 40 per cent.
Despite the challenging situation, checks by our correspondent revealed that the government secured loans totalling $3.334bn, an equivalent of N5.178tn from the World Bank and the African Development Bank under President Tinubu’s administration to enhance agricultural production, adopt innovative farming techniques, and increase food sufficiency for Nigerians.
Analysis showed that $500m was approved by the World Bank for the Livestock Productivity and Resilience Support Project to boost livestock production and food security nationwide.
The Board of the World Bank Group approved a $500m loan to Nigeria last week Friday (December 13, 2024) to boost rural access and agricultural marketing in the country.
According to information obtained from the Washington-based institution, the loan is for the Rural Access and Agricultural Marketing Project—Scale Up.
It is designed to bridge the gap between rural communities and the broader marketplace, facilitating smoother access to agricultural markets, schools, and hospitals and promoting social cohesion among rural populations.
Similarly, the AfDB under the leadership of President Akinwumi Adesina has approved a loan facility worth $2.2bn in capital mobilisation for its transformative Special Agro-Industrial Processing Zones in Nigeria.
He said phase two is set to revolutionize Nigeria’s agricultural sector by creating agro-industrial hubs that drive productivity, enhance food security, raise living standards, and create jobs.
The programme will be implemented in states including Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, Kano, and the Federal Capital Territory and will expand to an additional 24 States in Nigeria in the next three years.
In an interview with PUNCH, Adeshina said its agricultural initiatives would yield about five million metric tons of wheat, rice, cassava, and this year for the country.
Also, a loan of $134m was approved for seeds and grain production in the country in November this year.
A statement by the agriculture ministry said the fund will support farmers across the country to increase production of key staple crops, thereby improving national food security.
“The Federal Government has secured a loan facility of $134m from the African Development Bank to help farmers boost seeds and grain production in the country,” the statement read.
The government through the Ministry of Agriculture and Food Security also secured a private-sector investment commitment worth $4.3bn to advance private-sector development in fertiliser production, hybrid seed technology, and agricultural finance.
The partnership with the Fundação Getulio Vargas of Brazil will support one agribusiness in Nigeria’s 774 Local Government Areas with technical and financial resources over the next five years.
The surge in food costs underscores the complexities of managing an economy where external financial assistance and investments have yet to stabilize the market or alleviate the burden on citizens.
Stakeholders wondered the effect of the loans which are to yield expected results and drive down the cost of food items.
Analysts worry
Experts expressed skepticism about the effectiveness of the billions of naira borrowed by the Tinubu administration as agricultural loans.
The loans, intended to reduce food prices, have raised questions about their implementation and potential impact.
Associate Professor Unekwuojo Onuche of the University of Africa, Bayelsa, suggested that subsidizing farmers might not be feasible due to the large number of farmers in the country. Instead, he proposed an alternative approach:
“You increase supply so that supply increases and demand remains fairly stable. Prices will be forced to come down,” he stated.
However, he cautioned that the agricultural sector has a significant time lag, typically ranging from six months to one year, before the effects of investments become apparent.
“The fact that I have just injected the money into the sector today does not mean that farmers will begin to use it today. Farmers will need time to plan and finish up what they are doing before they start,” Onuche explained.
He also highlighted the challenge of rising fuel prices, which can offset the benefits of increased food production.
“If you are giving farmers money to expand their businesses and you are increasing the cost of production, increasing the prices of oil, and that price is touching on every other thing, I don’t think you can succeed in keeping the prices of farm outputs down by simply increasing it,” he said.
Onuche emphasized the need for a coordinated approach to addressing the complex issues affecting the agricultural sector.
“It is not a haphazard and a fire brigade approach to issues. You want to increase the prices of food by increasing production and at the same time you are increasing prices of fuel. What are we saying?” he added.
An agricultural economist at the University of Agriculture, Abeokuta, Ogun State, Tobi Awolope pointed out additional challenges in the implementation of agricultural interventions.
“Various interventions have failed because the targeted small-holder farmers are not reached. Moreover, issues around supply chain and logistics resulting from the hike in fuel price is another main reason why interventions have zero or marginal effect on food prices,” she said.
Awolope emphasised the need for transparency in allocating and selecting beneficiaries for interventions.
“In allocating and drawing out beneficiaries for interventions, there should be full transparency, ensuring that farmers who are the main players in the agri-food system are reached and not just anybody,” she said.
She also advocated for government action to reduce the cost of fuel to ease mobility challenges in the agricultural supply chain.
“Government should also subsidize the price of fuel to reduce the cost of mobility of food commodities,” Awolope suggested.
Both experts agree that without addressing these structural and logistical issues, the desired impact of agricultural loans on food prices will remain elusive. (PUNCH)
News
Senate asks FG to scrap Terrorists’ Rehabilitation Programme
The Senate has called on the federal government to discontinue the rehabilitation programme for repentant Boko Haram members following the abduction and killing of military officers.
The decision followed the adoption of an additional prayer on Tuesday during deliberations on the country’s security situation.
The prayer, proposed by Joseph Ikpea, senator representing Edo Central, was adopted through a voice vote during consideration of a motion on the escalating attacks, abductions and killings of serving and retired military personnel.
Supporting the proposal, Adams Oshiomhole, senator representing Edo North, said: “It does not make even common sense to grant pardon and rehabilitate criminals”.
The motion, sponsored by Abdulaziz Yar’Adua, Senator representing Katsina Central and Chairman, Senate Committee on the Nigerian Army, was prompted by the abduction and death of Rabe Abubakar, a retired Major General and former Director of Defence Information.
Abubakar died in captivity after he was kidnapped alongside his wife in Katsina State.

Leading the debate during Tuesday’s plenary, Yar’Adua described the country’s security situation as a “national emergency”.
He said insecurity had assumed “increasingly complex, persistent and alarming dimensions”, manifesting through terrorism, insurgency, banditry, kidnapping, violent attacks on communities and the destruction of livelihoods across several parts of the country.
“The death of the retired Major General and others in the custody of terrorists represents not only personal tragedies but also a painful national loss and a stark reminder of the scale and persistence of insecurity confronting the nation,” he said.
Yar’Adua said terrorists had become increasingly sophisticated and emboldened, extending their attacks beyond civilian communities to serving and retired military officers.
“The increasing frequency with which serving and retired military personnel are being targeted by criminal and terrorist groups represents a dangerous evolution in the nation’s security challenges,” he said.
The senator warned that attacks on current and former military personnel undermine the morale of security agencies, weaken public confidence in the state’s ability to provide security and embolden criminal groups.
He listed a series of attacks on senior military officers, including the abduction of Rabiu Garba Yandoto, a retired colonel, in Zamfara in January 2023; the kidnap and killing of Richard Duru, retired major general, in Imo in September 2023 despite the payment of ransom; the murder of Uwem Udokwere, retired brigadier general, in Abuja in June 2024; the abduction of Maharazu Tsiga, former NYSC director-general, in Katsina in February 2025; the death of Joe Ajayi, a retired major, in captivity in Kogi in May 2025; the abduction and rescue of Joseph Ajanaku, a retired colonel, in Plateau in January 2026.
’PERPETRATORS MUST BE ARRESTED’
Seconding the motion, Osita Izunaso, Senator representing Imo West, urged security agencies to ensure those responsible for the attacks were arrested.
“We have to mandate them to ensure that these people are arrested because we are all following the incident. The perpetrators must be arrested and brought to book,” he said.
Senate Minority Leader, Abba Moro, said insecurity had made travelling unsafe even for public office holders.
“It’s becoming increasingly dangerous for people, even like us who are protected by the government, to move around the roads these days,” Moro said.
He recounted the killing of a professor near a police checkpoint in Benue State.
“They just shot him dead right there, very close to a police checkpoint. If people can conveniently be killed like that, then it becomes increasingly scary that we are all walking corpses,” he said.
Moro urged the Senate leadership to meet with President Bola Tinubu to brief him on lawmakers’ concerns over the security situation.
Senator representing Bauchi Central, Abdul Ningi, questioned why criminal groups were controlling parts of the country.
“Is this country at war? If we are not at war, why are non-government bodies controlling parts of this country?” Ningi asked.
He also called for an investigation into the number of security personnel killed across the country and the support available to their families.
Responding to the debate, the Deputy Senate President, Barau Jibrin, defended the efforts of the armed forces and other security agencies.
“Our men in uniform are doing their best. They are working very hard,” Barau said.
He added that terrorism and banditry had become regional challenges affecting several West African countries.
“The issue of banditry and terrorism has a global dimension. The entire West African region is confronted with this sad reality, from Mali to Burkina Faso, Niger and beyond,” he said.
OTHER RESOLUTIONS
The Senate also urged security and intelligence agencies to strengthen intelligence gathering, intelligence sharing, surveillance operations, threat assessment mechanisms and early warning systems.
Lawmakers called for deeper collaboration with local communities, traditional institutions and religious leaders to improve community-based intelligence and trust-driven security partnerships.
The upper legislative chamber further urged the federal government to accelerate the deployment of modern security technologies, including unmanned aerial systems, geospatial intelligence capabilities, integrated command and control platforms and advanced communications systems to combat terrorism, banditry and kidnapping.
Lawmakers also mandated the Senate leadership to constitute a delegation to visit the family of the late Abubakar, the Katsina state government and the Nigerian Army to convey the condolences of the Senate.
News
DSS releases Nnamdi Kanu’s doctor, Aghaji
…insider sheds light on reason for his arrest
Professor Martin Aghaji, personal doctor to Nnamdi Kanu, has been arrested by Nigeria’s security operatives, Aloy Ejimakor, Mr Kanu’s lawyer said in an X post on Saturday.
Mr Kanu is the convicted leader of the outlawed Indigenous People of Biafra (IPOB). He is serving life imprisonment in Sokoto State after a federal high court in Abuja convicted him in November for terrorism.
Mr Ejimakor said in the X post that Mr Aghaji, a retired professor, was arrested at his residence in Enugu State on Friday.
The lawyer did not specifically say which operatives arrested the medical doctor, although he suggested that the arrest was connected to a medical report issued by the doctor on Mr Kanu which contradicted a similar report by the Department of State Security (DSS).
“This is the height of the official harassment he has been facing since he issued the medical report that did not comport with the SSS’s medical report on Mazi Nnamdi Kanu,” Mr Ejimakor said.
How they arrested the medical doctor

In another post on Sunday evening, the lawyer claimed “the security operatives” stormed Mr Aghaji’s residence at about 3:00 a.m., violently pulled down his gate and forcibly gained entry” into the apartment.
“During the commotion, shots were fired. They’ve now taken him to Lagos,” he stated.
Release of the doctor
Mr Ejimakor, in a fresh post on Sunday night, announced that Mr Aghaji has been released from detention following the intervention of the Nigeria Medical Association (NMA) and other bodies.
“While welcoming this development, the DSS is hereby admonished to do better than this,” he said, suggesting that the secret police earlier carried out the arrest.
DSS speaks
When contacted on Monday, the spokesperson of the DSS, Favour Dozie, confirmed the secret police indeed arrested Mr Aghaji from his residence in Enugu.
Ms Dozie, however, said the arrest was never linked to Mr Kanu or IPOB.
“He was arrested, but not in connection with Nnamdi Kanu,” she said, refusing to give details because the matter was under investigation.
The DSS spokesperson stressed that the retired professor’s arrest could not have been linked to Mr Kanu because the IPOB leader had already been convicted by a court and currently serving jail term.
She confirmed that Mr Aghaji was granted administrative bail and subsequently released to the NMA leadership in Lagos State on Sunday after providing a credible individual as his surety.
An official of the DSS later informed PREMIUM TIMES that Mr Aghaji’s arrest followed his alleged financial transactions to high-profile criminals under investigation.
“He was even sorry about it when he was informed of the transactions he made. The man himself felt very bad,” said the official who asked not to be named because he did not have permission to speak on the matter.
News
PFIPC: Adeyemi’s father arrested as police intensify forgery probe
The father of Prince Adeyemi Adeniyi, who is facing criminal charges over alleged forgery and impersonation, was reportedly arrested by police operatives on Monday in Ogbomoso, Oyo State.
Residents told journalists that the arrest took place at the family’s residence, where officers reportedly arrived in several vehicles before taking Adeniyi’s father and another man said to have been visiting the home into custody.
Witnesses said the operation drew the attention of residents and caused anxiety within the household, particularly for the suspect’s elderly mother.
A resident, who requested anonymity, alleged that the officers quickly secured the premises and left with the two men, while a security presence remained in the area for some time after the operation.
Prince Adeyemi Adeniyi is currently standing trial over allegations of forgery, impersonation and related offences arising from claims linked to the purported Presidential Fiscal and Infrastructure Projects Council.
The case is pending before the court.

As of the time of filing this report, the Oyo State Police Command had not issued an official statement confirming or explaining the reported arrests.
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