The Presidency has declared that prices of staple foods, including rice, have crashed, accusing television anchors and other media practitioners of amplifying opposition claims that President Bola Tinubu’s economic policies have failed to improve Nigerians’ lives.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, made the claim on Friday in a post on his official X handle, insisting that Nigeria’s economy was making significant progress despite criticisms from opposition politicians.
Onanuga cited the falling price of rice, rising foreign reserves and increased foreign investment as evidence that the Tinubu administration’s economic reforms were yielding results.
According to him, a bag of rice that previously sold for as much as ₦120,000 now goes for less than ₦50,000 in some markets.
“In my hometown, a bag now sells for ₦45,000,” he said.
The presidential spokesman accused television anchors of repeatedly pushing the opposition’s narrative that little or nothing had changed since Tinubu assumed office in 2023.
He also faulted those questioning official inflation figures, urging them to visit markets to verify the reported decline in food prices.
“Food prices are crashing,” Onanuga declared.
Beyond the price of food, he said Nigeria’s external reserves were approaching $60 billion, while businesses were increasingly able to access foreign exchange to import raw materials and equipment.
He further claimed that Nigerians could now use their naira-denominated bank cards for transactions abroad, describing it as an improvement over the situation before Tinubu became president.
On foreign investment, Onanuga rejected claims that the inflows were largely driven by portfolio investors, arguing that foreign direct investment was also returning to the country and helping to create jobs.
He added that Nigerian investors accounted for nearly 90 per cent of activity in the stock market.
Defending the administration’s economic record, the presidential aide said the support of 33 state governors for Tinubu showed growing confidence in his leadership.
He maintained that the president had laid a solid foundation for economic growth and was positioning the country for greater prosperity.
However, the Presidency’s claims come amid continuing public concern over the cost of living, with the impact of food prices varying across markets and locations. The reported price of rice in Onanuga’s hometown may not necessarily reflect what consumers pay in other parts of the country.
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