Minister Wale Edun Says Rice Price Drops to ₦80,000 from ₦120,000, Credits Tinubu’s Economic Policies

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced a significant reduction in the price of rice, which has fallen from ₦120,000 to ₦80,000 per bag. He attributed this improvement to the economic policies introduced by President Bola Tinubu’s administration, stating that the government’s reforms are beginning to stabilize the economy and improve food availability.

According to Edun, ongoing fiscal and monetary reforms are now taking effect, helping to ease inflation and strengthen the purchasing power of the naira. He added that prices of other essential commodities such as garri, pepper, and tomatoes have also started to decline, bringing relief to many households that have been struggling with high food costs.

The minister made this known in a publication titled Nigeria Turns Towards Prosperity, written by the Special Adviser on Information and Strategy to the President, Bayo Onanuga, and later shared by the Finance Minister. The publication outlines the administration’s perspective on recent economic progress and the policy measures being implemented to rebuild public confidence in Nigeria’s economy.

Edun reaffirmed that the Tinubu administration remains committed to pursuing reforms that promote fiscal discipline, attract investment, and stimulate productivity in agriculture, manufacturing, and energy. He described these steps as necessary for sustainable economic growth and reducing the nation’s reliance on imports.

“President Tinubu’s reforms are placing Nigeria firmly on the path to recovery and prosperity,” Edun said. “We are beginning to see the impact in critical areas of the economy, especially in food availability and price moderation.”

The report, however, acknowledged that despite the progress made, Nigerians are still facing tough economic realities as the country continues its journey toward stability. It noted that inflation, unemployment, and rising living costs remain major challenges, but assured that the government is working to address them through targeted social and fiscal programs.

Economic experts have also observed that while the reported price reductions are encouraging, lasting stability will depend on consistent policy implementation, increased local production, and ensuring that reforms benefit ordinary citizens.

The Federal Government reiterated its commitment to supporting local farmers, strengthening food security programs, and encouraging agribusinesses to drive domestic production and make essential goods more affordable.

As Nigeria continues on its path to economic recovery, the government expressed optimism that its reforms will deliver long-term prosperity and restore confidence in the nation’s economic direction