President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, has defended the administration’s economic policies, claiming that the price of a bag of rice has fallen from about ₦120,000 to below ₦50,000.
Onanuga made the claim 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.
The presidential aide argued that Nigeria’s economy had recorded significant improvements since Tinubu assumed office in May 2023. He also cited the support of 33 state governors in defending the administration’s policies.
Onanuga accused television presenters of repeatedly promoting the opposition’s position that the economy had not improved under Tinubu’s leadership.
He criticised their questioning of National Bureau of Statistics data indicating a decline in inflation and advised them to visit markets to assess prevailing prices.
According to him, a bag of rice now costs below ₦50,000, adding that it sells for ₦45,000 in his hometown.
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 evidence of economic progress.
He claimed that the country’s foreign reserves were approaching $60 billion, arguing that businesses could now obtain foreign exchange to import raw materials and equipment.
The presidential aide also rejected suggestions that returning foreign investors were mainly portfolio investors, insisting that foreign direct investment was bringing capital into the country and creating jobs.
Onanuga maintained that the administration had laid a solid economic foundation and was working towards delivering greater shared prosperity.
His remarks come amid ongoing public debate over the effects of the Tinubu administration’s economic policies, particularly food prices, household purchasing power and the rising cost of living.
