General
FG Releases Rice, Maize, Others to Crash Food Prices
By Adedapo Adesanya
To address the rising food prices in the country, the federal government has released 102,000 metric tonnes of rice, maize, millet, and garri from the nation’s reserves and stores of rice millers to the Nigerian market.
This came after a three-day meeting of the Special Presidential Committee on Emergency Food Intervention, headed by Chief of Staff to the President, Mr Femi Gbajabiamila, at State House, Abuja.
It was also agreed that it would henceforth clamp down on hoarders of food items in the country, stressing that it may import commodities as a last resort in efforts to address the current shortages.
After the meeting at State House, the Minister of Information and National Orientation, Mr Mohammed Idris, said while the Federal Ministry of Agriculture and Food Security would make available 42,000 metric tonnes of maize, millet, garri, and other commodities, the rice millers, through their association, would release 62,000 metric tonnes of rice from their reserves.
“The first one is that the Ministry of Agriculture and Food Security has been directed to immediately release about 42,000 metric tons of maize, millet, garri, and other commodities in their strategic reserve so that these items will be made available to Nigerians.
“The second one is that we have held meetings with the Rice Millers Association of Nigeria, those who are responsible for producing this rice, and we have asked them to open up their stores.
“They’ve told us that they can guarantee about 60,000 metric tons of rice. This will be made available and we know that is enough to take Nigerians for the next one month to six weeks, perhaps, up to two months. They’ve agreed that they will make that available to Nigerians to bring it out to the market so that food can be made available.
“Now, the whole idea of this is to crash the cost of these food items. And these are measures that will happen immediately.
“42,000 metric tons from the strategic government reserve, about 60,000 metric tons of rice from the rice millers association, they have them in all their storage facilities and government, in conjunction with them, after this exhaustive meeting, has directed that they also bring this out immediately so that the price of rice will come down significantly.”
FG Mulls Import as Short-Term Solution, Investment, and Sanctions
The Minister also disclosed that as a last resort government might import commodities to augment available supplies.
“Now, the third item is that the government is also looking at the possibility, if it becomes absolutely necessary as an interim measure on the short run, to also import some of these commodities immediately so that these commodities can be made available to Nigerians within the next couple of weeks.”
Mr Idris stressed that the government had firmed up arrangements to invest massively to have a better farming season, in conjunction with farmers and other stakeholders.
“Now, with all these emergency measures, there is, of course, a directive to the Federal Ministry of Agriculture and Food Security to invest massively, in conjunction with Nigerian farmers and other producers, so that we can have better season coming up shortly.
“We all know that dry season farming is happening, that will take effect very shortly, and that we hope will also contribute, because as soon as the dry season farming gets underway, it is the hope of government that food prices will also come down.
“In the long run, the Federal Ministry of Agriculture is going to invest massively, so that Nigeria will recover its potential as a food basket and we don’t expect that going forward, we are going to be faced with these challenges again.”
He also disclosed that government would view seriously any attempt to hoard the food items, saying, “Government, of course, is also looking at all those who are hoarding these commodities, because, actually, these commodities are available in the stores of many traders.
“Government is appealing to them, that they should open up these stores, make these commodities available in the interest of our nation. There is no point when the whole country is looking for this food, you are locking up these products so that you make more money and then Nigerians suffer.
“Of course, the government will not fold its arms. We know where all these major traders are. We know where all these major stores are. And if they don’t respond by bringing these commodities to the market, the government will take appropriate measures to ensure that these products are made available to Nigerians.”
On possible sanctions against those hoarding food products, Mr Idris said, “You cannot hold the nation to ransom. You cannot have these commodities and you’re hoarding them in your stores, when we all need them. We are in an emergency situation and we will take emergency measures to make sure that this food is available to Nigerians.”
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
