The presidential aide cites falling rice prices, rising foreign reserves and improved access to foreign exchange as evidence of economic progress amid concerns over the cost of living.
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the Federal Government’s economic policies, claiming that the price of a 50-kilogram bag of rice has dropped from about ₦120,000 to below ₦50,000 in some markets.
Onanuga argued that Nigeria’s economy had recorded significant improvements since Tinubu assumed office in May 2023, urging critics of the administration to acknowledge what he described as positive changes in key economic indicators.
The presidential aide made the remarks in a post on Friday while reacting to a video shared by Arise News on X featuring Obafemi George, a member of the Media and Strategic Communications Committee of the All Progressives Congress (APC) Presidential Campaign Council.
According to Onanuga, some television presenters have continued to promote the opposition’s position that little or nothing has improved economically under the Tinubu administration.
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He also criticized those questioning data from the National Bureau of Statistics (NBS), particularly figures indicating a slowdown in inflation.
“TV anchors keep pushing the opposition’s narrative that nothing has changed, positively, indeed, massively, since 2023,” Onanuga wrote.
He advised television presenters and other critics to revisit local markets to assess changes in commodity prices, citing the cost of rice as an example of what he described as an improvement in the economy.
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Onanuga said a bag of rice, which previously sold for approximately ₦120,000, was now available for less than ₦50,000. He added that the commodity sold for about ₦45,000 in his hometown.
However, rice prices vary across locations, brands, quality grades and market conditions. The figures cited by the presidential aide were not independently established in his remarks, and the extent to which the reported decline reflects prices across the country remains a key consideration for consumers.
Foreign Reserves, Forex Access Cited as Economic Gains
Beyond food prices, Onanuga pointed to Nigeria’s foreign reserves and improved access to foreign exchange as further indications that the administration’s economic reforms were yielding results.
He claimed that the country’s foreign reserves were approaching $60 billion, arguing that stronger reserves would support economic stability and improve confidence in Nigeria’s financial system.
The presidential aide also maintained that businesses were finding it easier to access foreign exchange for importing raw materials, machinery and other essential equipment.
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He further cited the ability of Nigerians to use naira-denominated payment cards for transactions abroad as another sign of improvement in the country’s financial environment.
On foreign investment, Onanuga rejected suggestions that returning foreign investors were primarily portfolio investors. He insisted that foreign direct investment was also bringing capital into the country and creating employment opportunities.
He argued that these developments demonstrated the positive impact of the government’s economic direction and accused some critics of allowing political considerations to influence their assessment of the administration.
“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 added.
Nigerians Still Grapple With Cost-of-Living Pressures
Onanuga’s defence comes amid sustained public debate over the effects of the Tinubu administration’s economic reforms, including the removal of the petrol subsidy and changes to the foreign-exchange market.
Although the government has pointed to improvements in selected economic indicators, many households and businesses continue to face concerns over food affordability, transportation costs, energy expenses and declining purchasing power.
A reduction in the price of a staple food such as rice could offer relief to consumers if it is widespread and sustained. However, the broader impact on household welfare also depends on income levels, the prices of other essential goods and the overall cost of living.
Similarly, declining inflation does not necessarily mean that prices are falling across the board. It can indicate that prices are increasing at a slower rate than before, even when many goods and services remain more expensive than they were in previous years.
The debate over the administration’s economic performance therefore remains centred on whether improvements in macroeconomic indicators are translating into meaningful relief for ordinary Nigerians.
While Onanuga has urged critics to recognize what he considers progress, the extent of that progress will continue to be assessed against independently verified economic data, market prices and the everyday experiences of households across the country.
For millions of Nigerians, the central question remains whether the government’s economic reforms will deliver sustained reductions in living costs, stronger purchasing power and more affordable access to essential goods and services.
