FOOD PRICES HAVE CRASHED, PRESIDENCY DECLARES AS ONANUGA DEFENDS TINUBU’S ECONOMIC REFORMS

By NaijaParrot October 17, 2026

  ABUJA, NIGERIA — The Presidency has insisted that prices of some essential food commodities have fallen in Nigeria, defending President Bola Ahmed Tinubu’s economic reforms amid continuing public concerns over the cost of living. Bayo Onanuga, Special Adviser to the President on Information and Strategy, made the assertion on Friday, October 16, while criticising what he described as negative media narratives about the state of the Nigerian economy. According to a report by Tribune Online, Onanuga argued that some television presenters were promoting opposition claims that the country had recorded no meaningful improvements since Tinubu assumed office in May 2023. The presidential spokesperson specifically pointed to the falling prices of staple food items, including rice, as evidence of what he described as progress under the current administration.

Onanuga reportedly urged Nigerians to assess the situation in local markets rather than rely solely on negative commentary about the economy. He maintained that the prices of some staple foods had declined considerably, presenting the development as an indication that the administration’s economic policies were producing results. The Presidency has also highlighted improvements in other economic indicators, including Nigeria’s external reserves and foreign investment, in defending its reform agenda. However, the specific markets, locations and price comparisons supporting Onanuga’s latest food-price assertion were not detailed in the reports reviewed.  

The latest declaration follows earlier claims by the Federal Government that prices of essential food commodities have fallen significantly. On October 6, 2026, Minister of Agriculture and Food Security Abubakar Kyari said the prices of essential food items had reduced by as much as 50 per cent nationwide. According to a report by Punch, Kyari attributed the reported decline to government interventions aimed at strengthening agricultural production and improving food security. (Punch Newspapers⁠) The government has also highlighted initiatives involving agricultural inputs, mechanisation, increased domestic production and improvements to the movement and storage of food commodities. Nevertheless, the extent of any price reduction may differ depending on the commodity, location, market conditions and period used for comparison.  

Although Nigeria’s headline inflation rate declined in September 2026, the latest figures indicate that high food costs remain a significant concern. According to data released by the National Bureau of Statistics and reported by Reuters, headline inflation fell from 15.39 per cent in August to 14.63 per cent in September 2026. However, food inflation remained at 19.59 per cent, highlighting the continued pressure on household budgets. (Reuters⁠) A decline in the inflation rate generally means that prices are rising more slowly; it does not necessarily mean that food has become cheaper across the board. For consumers, the more immediate question is whether the prices of everyday necessities, including rice, beans, garri, yam, cooking oil and other household staples, have fallen enough to make them more affordable. 

 President Tinubu’s administration has maintained that its economic reforms are intended to stabilise public finances, strengthen production and create the conditions for sustainable economic growth. In his October 1 Independence Day address, the President identified reducing the cost of living as a priority and outlined plans to improve agricultural production, expand irrigation, increase access to farm inputs and strengthen transportation and storage infrastructure. The President argued that reducing the cost of producing and transporting goods would eventually help lower prices for consumers. (State House⁠) However, the impact of these policies continues to attract debate, particularly as households and businesses contend with the cost of food, transportation and other essential expenses. 

 The Presidency’s latest position has renewed attention on the relationship between economic indicators and the everyday experiences of Nigerians. While lower prices for particular food items would provide relief to consumers, establishing the scale of the improvement requires reliable comparisons of market prices across different locations and periods. For many households, the central issue remains whether the cost of basic foodstuffs is becoming more manageable relative to their incomes. As the Federal Government continues to defend its economic direction, the availability of transparent, current and independently verifiable food-price data will remain important in assessing the extent of any improvement. NaijaParrot will continue to monitor developments in food prices and the cost of living as further information becomes available. 

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