Foodstuffs now cheaper, Presidency declares

The Presidency on Friday accused the media of promoting false narratives pushed by opposition parties regarding the state of the economy.

Bayo Onanuga, Special Adviser on Information and Strategy to the President, made the claim in a post on his official X handle, @oonanuga1956.

The media aide to President Tinubu declared that the prices of staple foods such as rice have crashed in the market.

He also claimed that the nation’s external reserves have soared to $60 billion while Foreign Direct Investment continues to surge.

Onanuga maintained that contrary to assertions by critics and rival opposition presidential candidates, Tinubu “has laid a solid foundation for the economy and is poised to take the nation to a higher level of shared prosperity.”

His post read: “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. 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.”