Tinubu’s Aide Defends Economic Record, Says Rice Price Has Fallen Below ₦50,000

President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, has defended the administration’s economic policies, claiming that food prices have fallen, foreign investors are returning and Nigeria’s financial position has improved since 2023.

Onanuga made the remarks in a post on Friday while reacting to a video shared by Arise TV on X. The clip featured Obafemi George, a member of the Media and Strategic Communications Committee of the All Progressives Congress Presidential Campaign Council.

The presidential aide accused television anchors of promoting the opposition’s claim that Nigeria had recorded no meaningful progress under Tinubu. He also criticised those questioning official inflation figures released by the National Bureau of Statistics, urging them to visit markets to assess changes in prices.

“TV anchors keep pushing the opposition’s narrative that nothing has changed, positively, indeed, massively, since 2023,” Onanuga wrote. He argued that the continued criticism of the administration’s economic performance ignored what he described as significant improvements.

Citing rice prices as an example, Onanuga claimed that a bag which previously sold for about ₦120,000 now costs less than ₦50,000. He said the price had fallen to ₦45,000 in his hometown. However, the figures reflect his own account, and prices may vary across locations, brands and markets.

Onanuga also pointed to Nigeria’s foreign reserves, improved access to foreign exchange for businesses and the ability of Nigerians to use naira-denominated cards abroad as signs of economic progress. He claimed that the country’s foreign reserves were approaching $60 billion and said businesses could obtain foreign exchange to import raw materials and equipment.

The presidential aide further rejected suggestions that returning foreign investors were mainly portfolio investors, arguing that foreign direct investment was bringing capital into Nigeria and creating jobs. He maintained that the administration’s policies were laying the groundwork for stronger economic growth and shared prosperity.

Onanuga concluded by accusing critics of allowing political bias to shape their assessment of the government’s performance. His comments come amid continuing public debate over the cost of living, inflation, food affordability and the impact of Tinubu’s economic reforms on Nigerian households and businesses.