“Food Prices Are Dropping” — Presidency Declares

The Presidency has accused media organisations of promoting opposition narratives about Nigeria’s economy, insisting that food prices have dropped significantly under President Bola Tinubu.

Bayo Onanuga, Special Adviser on Information and Strategy to the President, made the remarks in a post on his official X handle, on Friday.

Onanuga urged television presenters to visit markets, claiming that the prices of staple foods, particularly rice, had crashed.

His words: “TV anchors keep pushing the opposition’s narrative that nothing has changed, positively, indeed, massively, since 2023. Their position has become so ridiculous that they keep parroting the old narrative, and now they question the NBS data on receding inflation. I will advise them to revisit the markets. Food prices are crashing.

“The favourite rice that at a time was selling for N120k a bag has crashed below N50k. In my hometown, a bag now sells for N45K.”

The presidential aide also highlighted other economic developments, claiming that Nigeria’s foreign reserves were approaching $60 billion and that foreign investors were returning to the country.

He further stated that Nigerians could now use their naira-denominated bank cards abroad, while businesses could access the foreign exchange required to import raw materials and equipment.

Defending the administration’s economic policies, Onanuga said: “These facts are clear to anyone not blinded by partisanship and hatred for the leader who has laid a solid foundation for the economy and is poised to take the nation to a higher level of shared prosperity.”

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