Agriculture is an important sector of every state's economy with high potentials for employment generation, food security and poverty alleviation. Nigeria's landmass is about 923,763 square kilometer, out of which 37.33 percent is arable and has favourable weather for farming. This presents a clear potential for self-sufficiency in food production and export. However, in reality, Nigeria faces huge food security challenges that exacerbate hunger and poverty. This study investigated the impacts of inadequate budgetary allocation within the framework of the Agricultural Promotion Policy (APP) on food sufficiency in Nigeria. The study which was anchored on the Rentier State Theory argues that the Nigerian State is not food secured because government's continuous dependence on oil is highly disincentive to the agricultural sector. Documentary method of data collection and the qualitative descriptive method of data analysis were employed for the investigation. The study finds that the inadequate budgetary allocation within the framework of the APP undermines food sufficiency in Nigeria. Hence the study recommends among others a demonstrable political will for diversification, incentivization of agricultural technology and evolution of robust micro-credit framework for farmers.