Rice Price Drops Below ₦50,000 as Onanuga Defends Tinubu’s Economic Reforms

The Presidency on Friday declared that President Bola Ahmed Tinubu’s economic policies are yielding significant results, pointing to a sharp reduction in food prices as a key indicator of national recovery.

​Bayo Onanuga, the Special Adviser to the President on Information and Strategy, revealed in a statement that the price of a 50kg bag of rice—which previously peaked near ₦120,000—has now dropped below ₦50,000 in major markets across the country, selling for as low as ₦45,000 in his hometown.

​Addressing persistent public criticisms and media skepticism regarding the administration’s macroeconomic direction, Onanuga urged critics and commentators to visit local markets to assess real-time price trends rather than relying on outdated opposition narratives.

​He highlighted that the administration’s monetary and fiscal interventions have stabilized supply chains, strengthened foreign reserves toward $60 billion, and restored access to foreign exchange for local manufacturers and businesses.

​“Food prices are crashing. The favorite rice that at a time was selling for ₦120,000 a bag has crashed below ₦50,000. These facts are clear to anyone not blinded by partisanship and hatred for the leader who has laid a solid foundation for the economy,” Onanuga stated.

​The presidential aide further dismissed claims that returning foreign investors were merely bringing portfolio capital, insisting that Foreign Direct Investment (FDI) is actively entering the economy to generate long-term job growth.

​While household budgets across the South-South region and the nation continue to adjust to reform measures, the Federal Government maintains that these shifting market indicators signal the beginning of sustained relief and economic stability for everyday Nigerians