The Presidency has defended President Bola Tinubu’s economic policies, claiming that food prices have dropped significantly and other economic indicators show progress since 2023.
Bayo Onanuga, Special Adviser on Information and Strategy to the President, made the claims in a post on his official X handle on Friday, urging television presenters to visit markets to verify the reported decline in food prices.
Onanuga accused some media organisations of promoting opposition narratives that portray the economy as making little or no progress under the Tinubu administration.
He cited the price of rice as an example, claiming that a bag which previously sold for ₦120,000 now costs less than ₦50,000. According to him, rice sells for about ₦45,000 per bag in his hometown.
“Food prices are crashing,” the presidential aide declared, while questioning television anchors who challenge the National Bureau of Statistics’ data showing a decline in inflation.
Beyond food prices, Onanuga also highlighted developments in Nigeria’s foreign exchange market, banking sector and investment climate as evidence of economic improvement. Onanuga’s latest comments follow his earlier remarks on hunger in Nigeria during an appearance on Arise News in June, when he said he did not see the level of hunger Nigerians were complaining about.
He claimed that the country’s foreign reserves were approaching $60 billion, while Nigerians could now use naira-denominated bank cards for transactions abroad.
The presidential aide also said businesses could access foreign exchange to import raw materials and equipment, adding that foreign investors were returning to Nigeria. He argued that these investors included foreign direct investors who bring capital into the economy and create jobs, rather than merely portfolio investors.
Onanuga further cited the support of 33 state governors for Tinubu, arguing that their backing reflected confidence in the President’s leadership.
“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,” he said.
However, the claims about falling food prices reflect the Presidency’s position, and the rice prices cited may vary across markets and locations. The figures do not independently establish the cost of food for households nationwide.
By Musekir Faisat Omolara
