Government Prioritises Food Security, Irrigation, Agricultural Expansion and Household Support as Nigeria Targets Single-Digit Inflation by 2027
“Our priority is to bring down the cost of living.”
— President Bola Ahmed Tinubu, GCFR, Independence Day Address, October 1, 2026.
The Federal Government has intensified efforts to address Nigeria’s high cost of living, food prices and declining household purchasing power, with Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, outlining measures to improve food affordability, expand agricultural production and accelerate economic recovery.
The Minister’s intervention follows public concern over his disclosure that some Nigerian households spend as much as 120 per cent of their income on food, forcing affected families to borrow or depend on relatives to meet basic nutritional needs.
Speaking at Chatham House in London on October 21, Oyedele acknowledged that although Nigeria’s macroeconomic indicators were improving, many households continued experiencing considerable hardship.
“Macroeconomic stability means little to a mother who still cannot afford food.”
The Minister’s observation underscores the government’s recognition that economic recovery must translate into improved living conditions.
Importantly, the 120 per cent figure describes findings concerning financially distressed households, not a verified national average.
GOVERNMENT IDENTIFIES CAUSES OF HIGH FOOD PRICES
Oyedele identified low agricultural productivity, inadequate storage, post-harvest losses, transportation costs, seasonal farming and insecurity as major contributors to high food prices.
He highlighted post-harvest tomato losses reportedly reaching 60 per cent, illustrating the importance of improved storage, processing and distribution.
The government is consequently prioritising agricultural technology, irrigation, rural roads, storage infrastructure and improved security to strengthen domestic food production.
These interventions seek to address the structural causes of food inflation rather than depend exclusively on temporary price reductions.
NATIONAL ECONOMIC COUNCIL ENDORSES 90-DAY ACTION PLAN
The National Economic Council, chaired by Vice President Kashim Shettima, endorsed a 90-day economic action plan on October 22, 2026.
Presented by Oyedele, the initiative seeks to accelerate the delivery of economic reform benefits to Nigerian households and businesses.
Its five priorities include food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and targeted household support.
The Council also endorsed a national dashboard to monitor government projects and strengthen accountability, including transparency concerning proceeds from fuel subsidy removal.
The 90-day implementation period provides an opportunity to accelerate interventions intended to produce sustainable economic benefits beyond the immediate timeframe.
The Tinubu administration is demonstrating through these initiatives what it intends to do to reduce food costs, ease household hardship and strengthen economic stability. The programme also offers an indication of the administration’s economic priorities should President Tinubu secure a second term in 2027.
The Council’s decision represents an important policy commitment, although detailed implementation schedules, funding arrangements and measurable targets will determine its effectiveness.
AGRICULTURE AND IRRIGATION TAKE CENTRE STAGE
The government’s food affordability strategy recognises that sustainable reductions in food prices require increased domestic production, improved distribution and reduced agricultural losses.
In his Independence Day address, President Tinubu specifically identified mechanised irrigation, dry-season farming, improved seeds, fertilisers, storage and transportation as priorities.
Expanding irrigation would enable year-round cultivation, increase harvest frequency and reduce seasonal shortages.
Improved rural transportation networks would minimise distribution costs, while better storage infrastructure would reduce agricultural losses.
Strengthening security in farming communities remains essential, particularly where insecurity has disrupted cultivation, harvesting and transportation.
Access to affordable agricultural financing would further empower smallholder farmers and encourage private investment.
WORLD BANK ENDORSES SMALLHOLDER AGRICULTURAL TRANSFORMATION
The World Bank has similarly emphasised the importance of empowering smallholder farmers to achieve sustainable food security.
Announcing its $500 million Sustainable Agricultural Value-Chains for Growth (AGROW) programme in March 2026, World Bank Country Director for Nigeria, Mathew Verghis, declared:
“AGROW is a transformative step for Nigeria’s agriculture—empowering smallholder farmers, unlocking private sector–led growth, and strengthening food security in a sustainable way.”
The six-year programme, covering 2026–2032, is expected to benefit up to one million smallholder farmers while attracting private agricultural investment.
Its objectives reinforce the importance of productivity, modern farming technology and agricultural value-chain development in reducing food insecurity.
NATIONAL PATRIOTS RECOMMEND EDEN IRRIGATION PARTNERSHIP UNDER SPIN PROGRAMME
The National Patriots recommend that the Federal Government explore public-private collaboration with experienced firms such as Eden Irrigation to develop 100,000 hectares within the proposed 500,000-hectare irrigation expansion framework associated with the Sustainable Power and Irrigation for Nigeria (SPIN) programme.
Eden’s proposed versatile, easy-to-operate irrigation systems, designed to function without dependence on grid electricity, could facilitate year-round cultivation, potentially double yields under suitable conditions and empower smallholder farmers responsible for much of Nigeria’s domestic food production.
Such partnerships could accelerate agricultural productivity, strengthen food security, reduce seasonal shortages and contribute to sustainable reductions in food prices.
The National Patriots believe that prioritising smallholder farmers through practical, rapidly deployable irrigation technology would complement the administration’s agricultural transformation objectives.
The proposed allocation would require agreement with programme authorities, technical evaluation and confirmation of available financing.
CASH TRANSFERS SUPPORT VULNERABLE HOUSEHOLDS
Alongside agricultural reforms, the Federal Government is implementing social protection measures to cushion vulnerable households against economic hardship.
According to Oyedele, the administration’s cash transfer programme has reached more than 10 million households.
He explained that payments are made digitally, with beneficiaries verified through National Identification Numbers to improve accountability.
These interventions provide temporary assistance while the government pursues policies intended to increase incomes, expand employment and reduce poverty.
Their effectiveness will ultimately depend on payment adequacy, consistency and measurable improvements in household welfare.
INFLATION DECLINES AS GOVERNMENT TARGETS SINGLE DIGITS
National Bureau of Statistics figures indicate that headline inflation declined from 15.39 per cent in August 2026 to 14.63 per cent in September, compared with 20.98 per cent in September 2025.
However, annual food inflation remained considerably higher at 19.59 per cent, marginally above August’s 19.57 per cent.
Significantly, average food prices declined by 1.55 per cent between August and September, although prices remained substantially higher than a year earlier.
These figures demonstrate improving inflation trends while explaining why many households continue experiencing financial pressure.
The Federal Government has outlined its ambition to achieve single-digit headline inflation and interest rates by 2027.
Lower borrowing costs could benefit farmers, manufacturers and small businesses seeking affordable financing to expand production.
Achieving these objectives will require sustained fiscal and monetary coordination, increased agricultural output and improvements in energy and transportation costs.
FROM ECONOMIC REFORM TO SUSTAINABLE HOUSEHOLD RELIEF
President Tinubu’s economic reform programme has focused on correcting structural weaknesses, strengthening public finances, stabilising the foreign exchange market and establishing foundations for sustainable growth.
Nevertheless, economic recovery must ultimately be measured by improvements in everyday living conditions.
Affordable food, transportation, housing, healthcare and education remain central to public assessments of government performance.
The newly endorsed action plan provides an opportunity to translate macroeconomic improvements into practical benefits through agricultural expansion, modern irrigation, improved food distribution, targeted social protection and lower financing costs.
The administration is now presenting a clearer framework for tackling food inflation and the cost of living, with interventions that could form part of a sustained economic programme during a second term.
The immediate challenge is effective implementation, supported by transparent monitoring and measurable outcomes.
Ultimately, Nigeria’s economic recovery will be judged not simply by declining inflation figures but by whether families can afford sufficient food, meet essential obligations and experience lasting improvements in their standard of living.
For the Tinubu administration, the priority must be to translate economic reforms into improvements in the purchasing power and welfare of ordinary Nigerians.
Princess Gloria Adebajo-Fraser, MFR FIPMD.
