The Federal Government says President Bola Tinubu’s economic reforms are beginning to yield results, with the price of a 50kg bag of rice dropping to about ₦80,000 from ₦120,000 last year.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this in a statement on Monday, noting that the drop reflects early gains from ongoing fiscal and agricultural reforms.
“When President Tinubu took office in 2023, the economy faced inflation and supply challenges. Today, we are seeing recovery signs—the most difficult phase is behind us,” Edun said.
He attributed the price drop to increased local rice production, better access to credit for farmers, and a stabilising naira. Other staples such as garri and pepper, he added, are also showing price relief.
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Edun said the government remains focused on restoring growth, tackling inflation, and boosting food security through sustained policy implementation.
Economic analysts say the decline in rice prices, though modest, signals a positive shift if the trend continues across other food items.