There’s relief in Nigeria’s food markets as the Presidency announced a dramatic fall in the prices of major staples, crediting the drop to President Bola Ahmed Tinubu’s economic reforms.
In a statement on Friday titled “Nationwide Food Price Drop — A Testament to President Bola Ahmed Tinubu’s Economic Impact,” the Special Adviser to the President on Media and Public Communication, Sunday Dare, said food prices had crashed nationwide following key policy interventions.
According to figures released by the Presidency, a big bag of dry onions that sold for ₦202,500 in February now goes for just ₦25,000. Similarly, the price of a 50kg bag of local rice dropped from ₦95,000 to ₦40,000, while imported rice fell from ₦106,000 to ₦70,000.
Other staples also recorded massive price cuts — maize declined from ₦90,000 to ₦30,000 per 100kg, brown beans from ₦210,000 to ₦50,000, and a big basket of tomatoes from ₦130,000 to ₦25,000. A 25-litre keg of palm oil also dipped from ₦35,000 to ₦28,000, while a medium-sized tuber of yam now sells for ₦3,600, down from ₦4,125 in February.
The Presidency described the fall as evidence that Tinubu’s economic agenda is working.
“The fall in prices reflects better harvests, improved logistics, and greater support for local farmers,” it stated.
It added that the positive trend has enhanced food affordability, eased inflationary pressure, and strengthened citizens’ purchasing power.
According to the report, key food items have seen between 45 and 52 percent reduction nationwide, with increased local production driving market stability and confidence.
“The drop in food prices is more than just a market adjustment — it is proof that the economic direction under President Bola Ahmed Tinubu is yielding measurable results. The reforms are restoring stability, boosting local productivity, and putting Nigeria firmly on the path to sustainable growth and prosperity.”
