The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the administration’s economic policies, claiming that the price of a bag of rice has dropped from about ₦120,000 to below ₦50,000.

Onanuga, who cited the support of 33 state governors, argued that Nigeria’s economy had recorded significant improvements since Tinubu assumed office in May 2023.

He made the claims 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 accused television presenters of promoting the opposition’s position that nothing had improved in the economy since Tinubu became president.

“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,” he wrote.

Onanuga said the price of a bag of rice had fallen from about ₦120,000 to below ₦50,000, adding that it sold for ₦45,000 in his hometown.

He also cited Nigeria’s foreign reserves, improved access to foreign exchange for businesses and the ability of Nigerians to use naira-denominated cards abroad as signs of progress under the current administration.

The presidential aide claimed that the country’s foreign reserves were approaching $60 billion, arguing that businesses could now access foreign exchange to import raw materials and equipment.

Onanuga also disputed claims that returning foreign investors were mainly portfolio investors, insisting that foreign direct investment was bringing capital into the economy and creating 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,” he added.

His comments come amid continued public debate over the impact of the Tinubu administration’s economic policies, particularly on food prices, household purchasing power and the cost of living. (The Sun)