The Presidency has claimed that prices of staple foods, including rice, have dropped significantly, while accusing sections of the media of promoting opposition narratives about Nigeria’s economic performance under President Bola Tinubu.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, made the claims in a post on his official X handle on Friday, October 16.
Onanuga said the price of a 50kg bag of rice, which previously sold for about ₦120,000, had fallen below ₦50,000 in some markets.
“In my hometown, a bag now sells for ₦45K,” he said, arguing that the decline in food prices reflected progress under Tinubu’s administration.
He also criticised television presenters for questioning the government’s economic record and the National Bureau of Statistics’ data showing a slowdown in inflation.
Onanuga further claimed that Nigeria’s external reserves were approaching $60 billion and that foreign direct investment was increasing.
He said businesses could now access foreign exchange to import raw materials and equipment, while Nigerians could use their naira-denominated bank cards abroad, which he described as an improvement from the situation before Tinubu assumed office.
The presidential aide also argued that foreign investors were bringing funds into the country and creating jobs, adding that Nigerians accounted for nearly 90 per cent of participation in the stock market.
According to him, these developments showed that the government’s economic reforms were laying the foundation for greater prosperity.
Onanuga accused opposition figures and some media commentators of portraying the economy as though no positive changes had occurred since 2023.
He maintained that the government was making progress despite criticism from political opponents.
His claims come amid continued public debate over the cost of living, food affordability, inflation and access to foreign exchange.
Although the Presidency cited lower rice prices and improving economic indicators, the figures presented in Onanuga’s post were not independently verified in the report. Food prices can also vary across markets and locations.
