22/04/2026
CORRUPTION, REASON FOR OPPOSITION, NOT SUPPORT FOR THE MASSES
An RTFIN special feature
When Muhammadu Buhari became President in 2015, the cost of living was tough but predictable. A standard 50kg bag of rice sold for about N12,000. Nigeria was producing around 3 million metric tonnes of rice every year, and we were still relying heavily on imported rice.
To change that, Buhari and the Central Bank of Nigeria, under Godwin Emefiele, launched the Anchor Borrowers’ Programme. The goal was simple: give farmers money to grow rice locally and reduce dependence on imported food. Over the years, the CBN gave over N1.2 trillion to about 4 million farmers, most of them from the North.
The government also closed the borders to protect the program. By the end of Buhari’s time, rice production had nearly doubled to 6 million metric tonnes. On paper, this looked like a success.
But the price of rice told a different story. Instead of falling, it kept rising. A bag of rice jumped from N12,000 in 2015 to almost N45,000 by 2023—a 300% increase. Nigerians began calling for border openings, but many supported the closures, thinking it protected jobs and foreign exchange. Few knew what was happening behind the scenes.
When Buhari left office, it became clear that of the N1.2 trillion given to farmers, only about 40% had been repaid. Close to N800 billion had disappeared. Some of the same farmers who could not repay these loans suddenly had millions of Naira to support Godwin Emefiele’s presidential ambitions. They were buying forms and cars for him because they wanted access to free CBN funds to continue.
When President Tinubu came in, he ended the fraudulent practices. This angered many of the farmers and their associates, who suddenly lost access to the treasury. Some of the loudest voices online against Tinubu today are not ordinary citizens; they are former beneficiaries of the program, some of whom never even farmed but had connections to the money.
In retaliation, these groups tried to punish the government by hiking rice prices. In less than a year, a bag of rice shot from N45,000 to over N120,000. But Tinubu responded by opening rice importation. This did not destroy Nigerian rice farming—it only dropped slightly by about 6%. Agriculture remains a priority, with N1.5 trillion now available through the Bank of Agriculture, but loans are now properly managed and must be repaid with interest.
The truth is clear: Nigeria lost N800 billion, stolen by people who wanted the old system of free money to continue. Their loud opposition today is not about helping Nigerians—it is about greed and lost access to the national treasury.
President Tinubu’s reforms are about transparency, accountability, and building a sustainable future for Nigerian agriculture.
Relax. Tinubu is fixing Nigeria.