Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says President Bola Ahmed Tinubu’s economic reforms are beginning to yield tangible results, pointing to a fall in food prices — including a drop in the cost of a 50kg bag of rice from ₦120,000 last year to ₦80,000.
In a write-up titled “Nigeria Turns Towards Prosperity,” shared by Presidential aide Bayo Onanuga and reposted by the Ministry of Finance, Edun said that despite ongoing challenges, the country has “turned a decisive corner” after two years of reforms.
“Despite some historical shortfalls and present-day challenges, I believe the most difficult phase of our economic journey is behind us,” he stated. “Nigeria has turned a decisive corner. The road ahead will demand hard work and discipline, but we are firmly on the right path.”
Edun explained that when President Tinubu assumed office in 2023, the economy was “on the brink of fiscal collapse” due to low growth, high inflation, and “market distortions” such as fuel subsidy and multiple exchange rates that scared off investors.
“The President’s mandate was clear — dismantle those distortions, reward productivity, and create a climate where private investment can thrive,” he said.
According to the minister, Nigeria’s macroeconomic indicators now show encouraging signs.
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GDP grew by 4.23 percent in the second quarter of 2025.
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Inflation, while still high, has moderated to 18.02 percent after six months of steady decline.
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The exchange rate gap between official and parallel markets has narrowed to just 1 percent, down from nearly 70 percent.
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Foreign reserves have risen above $43 billion, the highest level since 2019.
“These are more than just numbers,” Edun said. “They are the foundation for building inclusive growth that benefits every Nigerian.”
Edun acknowledged that economic progress must translate into improved welfare for citizens.
“Millions of Nigerians measure progress by the cost of food, transport, and other necessities,” he said. “Food inflation has been our heaviest burden since the removal of fuel subsidies, but targeted measures are beginning to ease the pressure. A bag of rice that cost about ₦120,000 last year now averages ₦80,000. The prices of garri, pepper, tomatoes, and other essentials have also decreased.”
He added that the government is supporting smallholder farmers to sustain local production and safeguard incomes, saying, “We are implementing programmes that ensure farmers have enough incentive to return to the farms next season.”
However, the minister’s remarks have drawn sharp reactions from Nigerians on social media, many of whom questioned whether the reported improvements reflect realities on the ground.
One X (formerly Twitter) user wrote:
“I don’t have words for you, Oga, because he who bellyful doesn’t know that another is hungry. How much is minimum wage, house rent, or school fees? Just allow us to beg God for survival.”
Another user commented:
“How much was rice under Jonathan or even Buhari? Nonsense people celebrating failure.”
A third added in frustration:
“So ₦80,000 rice is what Tinubu meant by reforms working? I always thought people with big heads have more sense.”
Still, some commenters supported the minister’s optimism, urging patience. One post read:
“At least the prices are moving down, not up. Let’s give the policies more time.”
Despite the mixed public sentiment, Edun maintained that the administration’s fiscal and monetary alignment is setting a sustainable base for long-term growth.
“The journey remains challenging, but the trajectory is right,” he said. “We’re building the kind of economy that rewards work, supports industry, and sustains opportunity for all.”
Economists note that while headline indicators show stability, the real test of reform will depend on how quickly
Nigerians feel relief in their pockets — a point echoed across social media and public conversations this week.
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