Rice Prices Plunge to N80,000 as Tinubu’s Reforms Start Paying Off, Says Finance Minister

By Tgnews Reporter

In a clear sign that President Bola Tinubu’s bold economic overhaul is beginning to bear fruit, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced on Tuesday that rice prices have tumbled from around N120,000 to N80,000 per bag.

Speaking at a press briefing in the nation’s capital, Edun hailed the development as proof that the administration’s policies are “firmly setting Nigeria on the right path.” The sharp decline in one of the country’s staple foods comes amid ongoing efforts to stabilize the economy, including subsidy removals, currency reforms, and initiatives to boost local production.

“This is tangible evidence of progress,” Edun told reporters. “President Tinubu’s reforms are designed to address longstanding structural issues, and we’re already seeing the benefits trickle down to everyday Nigerians.”

The price drop is particularly welcome for millions of households grappling with inflation, which has eased in recent months but remains a top concern. Analysts attribute the fall partly to increased domestic rice production under government incentives and improved supply chains, though challenges like flooding and global commodity fluctuations persist.

Edun emphasized that more gains are on the horizon, with investments in agriculture and infrastructure expected to further drive down costs. “We’re not there yet, but the trajectory is positive,” he added.

As Nigerians await further relief, the minister’s update has sparked cautious optimism in markets and among consumers, underscoring a potential turning point in the administration’s economic agenda.