By Ibrahim Kegbegbe
President Bola Ahmed Tinubu has declared that his administration has successfully pushed back against food hoarders who, he said, attempted to undermine his economic reforms, particularly the removal of fuel subsidies and the unification of the foreign exchange rate.
In a statement widely circulated on social media and echoing his administration’s economic position, Tinubu reportedly said: “They were hoarding food thinking that they can make us reverse subsidy removal and unification of FX, but we were undeterred. We are resolute! The hoarded foods are back in the market. Together, we have won them.”
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While the quote has not been formally issued by the Presidency, it aligns with recent comments and actions taken by the federal government to stabilize food prices amid growing public discontent over inflation and food scarcity.
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Earlier this year, President Tinubu charged governors across the country to act swiftly against hoarding and speculative pricing of food commodities, calling it an economic sabotage. “We cannot allow speculators, hoarders, and rent seekers to undermine our efforts in ensuring that food is widely available to all Nigerians,” the president said in a high-level meeting with state executives.
In response, the federal government announced duty waivers and tax exemptions on the importation of critical food items such as maize, rice, wheat, and sorghum for an initial period of 150 days. The policy, according to the Ministry of Agriculture and Food Security, was designed to flood the market with food and break the grip of hoarders.
Industry stakeholders have welcomed the move. Abdul Samad Rabiu, Chairman of BUA Group, one of Nigeria’s largest agro-industrial conglomerates, stated that the influx of food imports has already started affecting market prices and reducing the artificial scarcity engineered by speculators.
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“There’s now a sense of relief among consumers,” Rabiu said in a recent interview. “This intervention has broken the monopoly created by food hoarders and is helping to stabilize the market.”
Despite public criticism over the hardship caused by subsidy removal and the floating of the naira, the Tinubu administration has remained firm, insisting that the reforms are necessary for long-term economic recovery.
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As food prices begin to drop in some parts of the country, analysts say the federal government’s aggressive stance on hoarding and import liberalization may be yielding the desired results—though many believe sustained efforts and local food production remain critical to lasting success.
