Economy
FG Injects N309bn into Agriculture
By Adedapo Adesanya
The Minister of Agriculture and Food Security, Mr Abubakar Kyari, has claimed that an estimated N309 billion was injected into the Nigerian economy through harvest in the last year.
The Minister announced this while giving an update on the achievements of the ministry at the ongoing 3rd ministerial sectoral update, as part of activities marking the first anniversary of President Bola Tinubu, who assumed office on May 29, 2023.
Mr Kyari revealed that as part of efforts to address food and nutrition security, the government has launched dry season farming with cultivation of 118,657 hectares of wheat in 15 states in an acceleration of all-year-round farming, procured and distributed to all states and the FCT 58,500 metric tones of milled rice to dampen escalating prices, and fortified crops with vitamin A micronutrient to enrich nutrition content and health value of commodities.
In response to persistent food inflation, which currently stands above 40 per cent, the Minister explained that the government has also taken measures to distribute 60,432 metric tones of improved seeds, 887,255 metric tones of seedlings and 62,328 metric tones of inorganic fertilisers and equipment to farmers across different value chains to enhance production.
He further mentioned the improvement of farmland security with the provision of additional resources to agro rangers and other security agencies.
Mr Kyari also highlighted the efforts of the government in response to livestock production and animal health, control of pests and diseases, strengthening mechanisation, and agricultural research activities amongst others
He noted that the government has intensified efforts on the production and processing of soybean, sesame, ginger and hibiscus for export.
According to the latest inflation report by the National Bureau of Statistics (NBS), the food inflation in April reached 40.53 per cent on a year-on-year basis, marking a substantial increase of 15.92 percentage points from the 24.61 per cent recorded in April 2023.
The significant rise in food inflation can be attributed to higher prices for several items including millet flour, garri, bread, prepacked wheat flour, and semovita, all of which belong to the bread and cereals class, as well as for yam tuber, water yam, and cocoyam and others.
For the year ending in April 2024, the average annual rate of food inflation stood at 32.74 per cent, representing an increase of 9.52 percentage points over the 23.22 per cent average annual rate recorded in April 2023.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
