Rice Now Below N50k From N120k, Reserves Near $60bn — Onanuga Defends Tinubu

October 16, 2026 Northern Nigeria

The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the administration’s economic policies, claiming that the price of a bag of rice has dropped from about N120,000 to below N50,000.

Onanuga, who cited the support of 33 state governors, argued that Nigeria’s economy had recorded significant improvements since Tinubu assumed office in May 2023.

He made the claims 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.

“TV anchors keep pushing the opposition’s narrative that nothing has changed, positively, indeed, massively, since 2023.

“Their position has become so ridiculous that they keep parroting the old narrative, and now they question the NBS data on receding inflation. I will advise them to revisit the markets. Food prices are crashing. The favourite rice that at a time was selling for N120k a bag has crashed below N50k. In my hometown, a bag now sells for N45K,” he wrote.

“Under President Tinubu, Nigeria is making tremendous progress. Thirty-three governors cannot be wrong in casting their support for President Tinubu. Our reserves are close to $60 billion.

“Nigerians are now able to use their Naira cards abroad, something that was impossible before Tinubu’s presidency. Businesspeople can now buy the forex they need to import raw materials and equipment.

“Investors are coming back, not mainly as portfolio investors, as some anchors claim, even though Nigerians dominate the stock market, accounting for almost 90 per cent. These investors belong in the category of FDI. They bring money into our economy and create jobs.

“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.”