The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has claimed that the price of rice has fallen from ₦120,000 to ₦80,000 per bag, adding that the cost of other food items such as garri, pepper, and tomatoes has also decreased.
Edun made the remarks in a statement titled “Nigeria Turns Towards Prosperity,” which was shared by Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, and reposted by the Ministry of Finance.
The minister acknowledged that while progress has been made under the current administration, the country still faces “tough realities.”
“In this role, I often feel a mix of emotions: deep pride in our national journey, regret over the opportunities we failed to seize, and confidence in our direction of travel today,” Edun wrote.
“Despite some historical shortfalls and present-day challenges, I believe the most difficult phase of our economic journey is behind us. Nigeria has turned a decisive corner.”
According to him, when President Tinubu assumed office in 2023, the Nigerian economy was on the brink of fiscal collapse due to slowing growth, surging inflation, and market distortions such as fuel subsidies and multiple exchange rate regimes.
Edun stated that the administration’s reforms—focused on dismantling those distortions and promoting private investment—are beginning to yield results.
He cited several indicators, including a 4.23% GDP growth in the second quarter of 2025, moderating inflation now at 18.02%, a stabilised exchange rate, and foreign reserves exceeding $43 billion, the highest since 2019.
However, he admitted that many Nigerians judge progress not by statistics but by the cost of living, especially food prices.
“Food inflation has been our heaviest burden,” he said. “However, targeted measures are beginning to ease the pressure. A bag of rice that cost about ₦120,000 last year now averages around ₦80,000. The prices of garri, pepper, tomatoes, and other essentials have also decreased.”
Edun added that the government remains cautious to ensure smallholder farmers remain incentivised to produce, noting that new programmes are being implemented to support agricultural production and safeguard farmers’ incomes ahead of the next planting season.