Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says President Bola Tinubu’s economic reforms are beginning to yield results as the price of a bag of rice has dropped from ₦120,000 to ₦80,000.
According to Wale Edun, Tinubu’s economic policies have placed the country “firmly on the right path” after a difficult start to his administration.
He explained that prices of essential food items such as garri, pepper, and tomatoes have also seen a decline in recent weeks.
His comments were made in a write-up titled Nigeria Turns Towards Prosperity, which was written by Bayo Onanuga, the Special Adviser on Information and Strategy to the President, and shared by the finance minister.
“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 stated.
“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. The road ahead will demand hard work and discipline, but we are firmly on the right path.”
The publication stated that when President Tinubu took office in 2023, Nigeria’s economy was facing “fiscal collapse.”
However, the government claims that reforms implemented since then are stabilizing the economy, strengthening foreign reserves, and easing food inflation.
Despite this, many Nigerians say they have not yet felt any real relief in their daily spending. Some markets across the country still sell a bag of rice for above ₦90,000 depending on the brand and location.
Although the finance minister insists that Tinubu’s reforms are working, the true test will be when all Nigerians can buy a bag of rice for ₦80,000 in their local markets. Until then, many remain hopeful but unconvinced about the government’s claims.