Arewa Think Tank (ATT) has said the recent decline in food prices across the country, particularly in Lagos and Abuja, is proof that President Bola Tinubu’s economic policies are yielding results.
In a statement, the Chief Convener of ATT, Muhammad Alhaji Yakubu, said despite the progress, many Nigerians continue to criticise the president rather than acknowledge the improvements.
“We have always pleaded with Nigerians to be patient with Mr. President, and today, we are happy that our advocacy was not in vain. People are now seeing positive changes in the country’s socio-economic landscape,” the statement read.
He urged Nigerians to exercise more patience, assuring them that further improvements would be seen in the coming months.
“For the first time since President Tinubu took office in May 2023, Nigeria’s cost-of-living crisis is beginning to ease. A recent market survey in Lagos, the nation’s economic hub, shows a decline in the prices of key food staples, easing the financial burden on struggling Nigerians who have endured high inflation since the COVID-19 pandemic,” he said.
According to ATT, the survey revealed that a 50kg bag of foreign parboiled rice now sells for N85,000, down from N110,000 five months ago, while local parboiled rice dropped to N95,000 from N105,000 in three months. The price of a big basket of fresh tomatoes fell sharply from N120,000 to N35,000, representing a 70 percent decrease.
“A 4-litre paint container of garri now sells for N2,500, down from N3,500, while a 60kg bag goes for N37,500. A big tuber of yam, which previously cost N5,500, is now N2,500 in Abuja and Onitsha. In Port Harcourt and Abuja, N1,000 can now buy six to ten pieces of onions, compared to just three or four pieces a few months ago,” the statement added.
Yakubu said the drop in food prices is a relief for low-income earners, as it has improved household diets.
However, he called on the government to ensure that the trend is sustained and extended to other essential commodities.
“We welcome the reduction in food prices, but affordability remains a concern due to financial constraints. The government must take further action to sustain and expand this price relief across all essential commodities,” the group said.
