Food Prices Drop: Onions Now N25K, Rice at N40K

Nationwide Food Price Drop Signals Economic Progress Under Tinubu

The Presidency has announced a significant drop in food prices across Nigeria. Sunday Dare, Special Adviser on Media and Public Communication, confirmed the development. He described the price reductions as a clear sign of President Bola Tinubu’s economic impact. This trend points toward greater affordability for millions of Nigerians.

Major Price Shifts in Essential Staples

Recent data reveals dramatic decreases in key food items. A 50kg bag of local rice has fallen from ₦95,000 to ₦40,000. Imported rice now sells for ₦70,000, down from ₦106,000. The price of onions saw a remarkable drop, moving from ₦202,500 per bag to just ₦25,000. These changes offer substantial relief to household budgets.

Other commodities followed the same positive trend. Maize prices dropped from ₦90,000 to ₦30,000 per 100kg bag. Brown beans are now ₦50,000, a significant decrease from ₦210,000. A large basket of tomatoes now costs ₦25,000, down from ₦130,000. Palm oil and yam prices have also seen considerable reductions, easing the financial pressure on families.

As detailed in the complete version, there are several key factors to consider.

Government Measures Drive Positive Change

Officials attribute this nationwide food price drop to strategic economic interventions. The administration’s focus includes bolstering local farming and enhancing production. These efforts aim to stabilize the market and control inflation. Experts suggest that sustaining this momentum is crucial. Continued decline in food costs will further ease living expenses and support agricultural growth. This nationwide food price drop marks a hopeful step for Nigeria’s economy.