NewStats: 3,259,808 , 8,170,936 topics. Date: Monday, 26 May 2025 at 04:32 AM c4g4y

Bismarck Rewane, a popular economist and the Executive Director of Financial Derivatives has alleged that some civil servants bought 50kg bags of rice at N40,000 and resold it at N85,000.

Rewane disclosed this on Thursday in an interview with Channels Television

According to him, the price of rice which he described as a ‘Parallel market’ increased by 3.62 percent to N85,000 from 83,000 despite the government’s subsidized price of N40,000.

“Our team went into the market Yesterday(Wednesday),… The price of rice coincidently went up by 3.62 percent to N85,000. This is happening at the time the federal government is selling rice to public servants at N40,000 per 50-kilogram bag. While in what I can now describe as the parallel market for rice stood at N85,000. What happens is that the civil servant will buy at N40,000 per bag and sell at N85,000, that is inefficient”, he said.

This comes as the federal government on Thursday announced the suspension of the sale of 50kg bags of rice to civil servants at N40,000.

https://dailypost.ng/2024/08/08/civil-servants-buy-50kg-rice-at-n40000-resell-at-n85000-rewane/

Bobloco:
↪ Bismarck Rewane, a popular economist and the Executive Director of Financial Derivatives has alleged that some civil servants bought 50kg bags of rice at N40,000 and resold it at N85,000. Rewane disclosed this on Thursday in an interview with Channels Television According to him, the price of rice which he described as a ‘Parallel market’ increased by 3.62 percent to N85,000 from 83,000 despite the government’s subsidized price of N40,000. “Our team went into the market Yesterday(Wednesday),… The price of rice coincidently went up by 3.62 percent to N85,000. This is happening at the time the federal government is selling rice to public servants at N40,000 per 50-kilogram bag. While in what I can now describe as the parallel market for rice stood at N85,000. What happens is that the civil servant will buy at N40,000 per bag and sell at N85,000, that is inefficient”, he said. This comes as the federal government on Thursday announced the suspension of the sale of 50kg bags of rice to civil servants at N40,000.

These people are a bunch of fraudsters!

This is rice that one Monday this government announced would only be available to civil servants and via a website. I checked the website on that day and searched for rice but came up with no results. Now today Thursday, still unable to purchase the rice, we are told the program has been shut down for some stewpid reasons. This government never planned to send the people rice to begin with. This was all part of Tinubu's many lies/frauds against the Nigerian people.

The average Nigerian is corrupt and criminally minded. These ones will blame the FG too. Ordinary transcript to collect na war in most public universities in Nigeria because of these same corrupt civil servants.

Kobojunkieee:
These people are a bunch of fraudsters!

This is rice that one Monday this government announced would only be available to civil servants and via a website. I checked the website on that day and searched for rice but came up with no results. Now today Thursday, still unable to purchase the rice, we are told the program has been shut down for some stewpid reasons. This government never planned to send the people rice to begin with. This was all part of Tinubu's many lies/frauds against the Nigerian people.

Tinubu is a notorious narcotics drug trafficker engaging in criminal state capture

Know this and have peace

Nigerian....Like leaders like followers....birds of a feather...

One thing I've come to find out is Nigerians are worse than the government they criticise

There is nothing illegal or immoral about their decision to resell these bags of rice at the current market price of 85k. We should ask Tulumbu why he remains so ignorant as to think he can sell bags of rice to some Nigerians at half the market price and expect them not to resell it for profit to meet their other household needs. Shey those of us buying for 85k are d v m b abi? LMAO!

No poor, struggling Nigerian today would resell a bag of rice they bought for 40k at the same price in a market where everyone buys for 85k wen no be say they're d u m b. Will rice solve their energy, electricity, school fees, rent, and other inflationary issues??

Until Tulumbu and his arch demons in power abandon the idea of trying to solve every systemic problem in Nigeria with skewed palliatives, nothing will change.

This country go ever better so?

Cuz everybody just dey find one way or the other just to oppress him fellow man..........But later on,they will be blaming our leaders, whereas,our leaders are the true reflection of who we,the masses are.....

This news is fake.

FG has not sold any rice to civil servants for now and the program has been shutdown.

What actually is wrong with this.
He or she bought it for personal use and decided to trade it with profit. Why do Tinubu government made a bag of rice be selling between 90,000 to 150,000 depending on type and location.? Why?

thesicilian:
One thing I've come to find out is Nigerians are worse than the government they criticise

Nope, corruption start from top to bottom. So anything citizens do they copy from government.
If the government are corrupt free and honest. Corrupt citizens will find it difficult to operate as the law will always go after them. But when the head ( government ) is corrupt the the whole body ( citizens ) will be corrupted, except if they have conscience to know what is bad and not do.

So stop saying citizens are worst than the government. Corruption start from top the bottom

Middleman mentality. Africans dont like to produce anything.

Legendguy:


Nope, corruption start from top to bottom. So anything citizens do they copy from government.
If the government are corrupt free and honest. Corrupt citizens will find it difficult to operate as the law will always go after them. But when the head ( government ) is corrupt the the whole body ( citizens ) will be corrupted, except if they have conscience to know what is bad and not do.

So stop saying citizens are worst than the government. Corruption start from top the bottom

You mean the government officials became corrupt when they got into office?

thesicilian:

You mean the government officials became corrupt when they got into office?

Bad systems corrupt people. Why do some Nigerians become law abiding (e.g., obeying traffic laws and regulations) when they relocate abroad??

The consequences of bad leadership and, by extension, bad systems, trickle down. Where systems work, everyone falls in line!

thesicilian:
One thing I've come to find out is Nigerians are worse than the government they criticise

Is it not from the Nigerians you make the government?

So, don't be surprised.

That's bad

This rewane is lying ,there is even no FG rice to begin with
You guys can see why this country is in bad shape,this are the economist that advices the government and you wonder how we achieve the results we have, simple fact he can't get correctly
From this behaviour of his it means he has been cooking up figures to arrive at data he use in advising government
Economist are not supposed to operate in the realm of propaganda, this rewane, no be am
No wonder the government he advice has never succeded, like buhari,like Tinubu

Acidosis:
There is nothing illegal or immoral about their decision to resell these bags of rice at the current market price of 85k. We should ask Tulumbu why he remains so ignorant as to think he can sell bags of rice to some Nigerians at half the market price and expect them not to resell it for profit to meet their other household needs. Shey those of us buying for 85k are d v m b abi? LMAO!

No poor, struggling Nigerian today would resell a bag of rice they bought for 40k at the same price in a market where everyone buys for 85k wen no be say they're d u m b. Did these people beg you for rice?? Will rice solve their energy, electricity, school fees, rent, and other inflationary issues??

Until Tulumbu and his arch demons in power abandon the idea of trying to solve every systemic problem in Nigeria with skewed palliatives, nothing will change.

Honestly, your view on this matter is interesting, and gives room for deep thinking. I like your perspective.

Also, I may add, a civil servant that needs rice for his household, and sells it at ₦85k, when he wants to eat rice, he will then have to buy at that ₦85k or worse ₦90k.

All his gains don turn to loss!
Is Baba Rewane telling us the truth?
Does he have a hard evidence that this is actually the case?
Infact, how many civil servants have been given this rice?!


As someone said, Tinubu's programmes for the common Nigerians are refugee programmes, while there is no major war being fought...yet .


Pls, if you're a youth, use your head. Get out while we can.
The country is gone. Don't let these old,about-to-become-corpses politicians , destroy your destiny. That's why in the midst of massive problems, they are already talking about 2027 elections. They don't care about you .

That have nothing for us.

adebayo201:


Is it not from the Nigerians you make the government?

So, don't be surprised.

Exactly

Betanaija42moro:
This news is fake.

FG has not sold any rice to civil servants for now and the program has been shutdown.

By God's grace, I will be posting a topic that connects with this, for us all to know that even far from food scarcity, we are in a big present and future danger.

One Nigeria is seriously killing us...and it may resort into the greatest genocide in west Africa.

They are learning from their leaders who repackage palliative rice and re sell.

Honestly speaking, if a civil servant is opportuned to get 2 or 3 bags of local rice at 40k, he can sell of 2 at 70-85k then buy a bag of foreign rice and other food stuff naa.. who better thing no de sweet? Was it his policies that made Nigeria as it is today? Omo, man gas survive..

Slytiger:
The average Nigerian is corrupt and criminally minded. These ones will blame the FG too. Ordinary transcript to collect na war in most public universities in Nigeria because of these same corrupt civil servants.

You have said it all

COMRADES, this Riwane is beginning to be so stupid

Does he think we are kids or gullible anymore?

thesicilian:

You mean the government officials became corrupt when they got into office?

Don't mind him. The logic he is throwing up now means that as a Nigerian he is not currently corrupt but will be corrupt when he finally gets into government.

Even in the market at the moment, the price is 80k. Who would buy it at 85k, black market for that matter?

Na lie. No civil servant has received any rice. That program was shut down. I am sure there was a thread yesterday to on the front page to buttress that

See as people just dey bash civil servants without ing the news

Another lying machine in the corridors of power. They sold the only bag of rice assigned to them and went hungry for N85,000 change.

Where and when did they start selling the rice? Scam, they want to store the rice again

thesicilian:
One thing I've come to find out is Nigerians are worse than the government they criticise

If U sell a bag of rice to someone who have never had the money to buy bag of rice all year for cheap, I don't think he will go resell it just to make profit n later still use that profit to go buy at high cost.
But if U sell that same cheap rice to people who have the capacity to buy rice even if a bag is 1m, then expect such to happen.
They will sell more bags to themselves at cheaper rate, they can use fictitious names to buy as much as they want n resell it at high cost.

The Nigerian situation is unique, and na those in high places they run am.

Na rice wey person no see person won sell? Why this people dey lie like this .... Just shift blame away from themselves and dump it on public servant wey no even see half bag..

Why is it subsidized to some individuals. Generalize it to everyone else and the rice will fall. They are making 45k Xtra from the sale of the rice. If he buys 10 bags and resell it then He should be making around 450k. What kind of business will give you this kind gain in a short while. Open borders, provide security to farmers and go into mechanized farming as a government. Who did this to us