Onanuga Defends Tinubu’s Economic Record, Says Rice Now Sells Below ₦50,000

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has defended the administration’s economic record, citing falling food prices, improving access to foreign exchange and renewed foreign investment as signs of progress.

Onanuga made the remarks in a post on Friday while reacting to a video clip shared by Arise Television on X featuring Obafemi George, a member of the Media and Strategic Communications Committee of the All Progressives Congress Presidential Campaign Council.

The presidential aide criticised television anchors for questioning the pace of economic recovery under Tinubu, accusing them of repeating the opposition’s position that little or no progress had been made since the President assumed office in 2023.

“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,” Onanuga wrote.

He claimed that the price of a bag of rice had dropped significantly, from about ₦120,000 to below ₦50,000, adding that it sold for ₦45,000 in his hometown.

Onanuga also pointed to Nigeria’s foreign reserves, the availability of foreign exchange for businesses and the ability of Nigerians to use naira-denominated cards abroad as indicators of improved economic conditions under Tinubu.

According to him, the country’s foreign reserves were approaching $60 billion, while businesses could now access foreign exchange to import raw materials and equipment.

The presidential aide also disputed claims that returning foreign investors were primarily portfolio investors, arguing that foreign direct investment was bringing capital into the economy and creating employment opportunities.

“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.

Onanuga’s comments come amid continuing public debate over the impact of the Tinubu administration’s economic policies, particularly the cost of food, household purchasing power, inflation and access to foreign exchange.

While the presidential aide cited the reported decline in rice prices and other economic indicators as evidence of progress, the figures and claims would need to be assessed against current market prices and official economic data to establish how broadly the changes have benefited households and businesses across the country.