Nigeria’s Food Inflation Rate Drops To 15% Under Tinubu

Senator representing Ogun West Senatorial District and Chairman of the Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola (Yayi), has declared that Nigeria’s food inflation has dropped significantly under the administration of President Bola Tinubu, attributing the development to the Federal Government’s economic and agricultural reforms.

Speaking on Tuesday at the second edition of his farmers’ empowerment programme held at the Asade Agunloye Pavilion, Ilaro, Ogun State, Adeola said data from the National Bureau of Statistics (NBS) showed that the country’s headline inflation had declined from 31.70 per cent in February 2024 to 15.91 per cent in June 2026, representing nearly a 50 per cent reduction.

“The reforms associated with the removal of fuel subsidy and the foreign exchange market are yielding the expected results. Inflation, particularly food inflation, has been on a downward spiral according to data from the National Bureau of Statistics. The popular cry of ‘Ebi n pa wa o’ has virtually disappeared from society,” he said.

Adeola credited the achievements to President Tinubu’s Renewed Hope Agenda, noting that the administration’s declaration of a state of emergency on food security had laid the foundation for increased agricultural productivity nationwide.

He listed several federal government interventions, including the establishment of the N100 billion National Agricultural Development Fund, the Earn From the Soil initiative, distribution of improved seeds and fertilizers, and the cultivation of over 118,000 hectares of wheat across 15 states.

The senator also highlighted the Federal Government’s investment of over N350 billion in irrigation projects through River Basin Development Authorities to support year-round farming, alongside the procurement of 2,000 tractors to boost mechanised agriculture.

He further praised the creation of the Federal Ministry of Livestock Development, describing it as a strategic step towards expanding livestock production, with Ogun among the seven states selected to host ranches.

Turning to Ogun State, Adeola commended Governor Dapo Abiodun for complementing the Federal Government’s initiatives through the provision of improved seedlings, fertilizers, free farmland for young farmers and the release of N700 million to support agricultural inputs and infrastructure.

He also lauded the state’s Farmers Information System and the establishment of the Asero Farmers’ Market, while noting that he had facilitated the construction of the Ilobi-Erinja Farmers’ Market in Yewa South Local Government Area.

Adeola, however , empowered 2,557 trained farmers organised into over 100 clusters with tractors, haulage tricycles, power tillers, water pumps, fertilizers, sprayers, pesticides, improved seeds and seedlings, among other farm inputs.

He announced that each beneficiary would also receive a N100,000 cash grant, explaining that the financial support was intended to enable farmers concentrate on farming rather than sell the equipment provided.

The lawmaker said the intervention was designed to enable farmers embrace three farming seasons annually in line with the Renewed Hope Agenda on food security and urged beneficiaries to make productive use of the support.

He expressed optimism that sustained investments in agriculture by both the Federal and Ogun State governments would further reduce poverty, strengthen food security and accelerate Nigeria’s economic growth.