Announcing a significant development, the Nigerian government confirmed a 50% reduction in the price of 50kg bags of rice, now available for N40,000 nationwide.
Following Monday’s Federal Executive Council meeting in Abuja, Minister of Information and National Orientation, Mohammed Idris, shared this information in an official statement.
The decrease in rice prices coincides with the recent distribution of 20 truckloads of rice to state governors for dispersal to the public.
In his statement, Minister Idris mentioned, “There is a current offer of rice at half its original price. These bags of rice are now selling for N40,000 and have been distributed to various centers in all states for easy access to those in need.”
Despite this official announcement, a recent survey by NewsNow indicates that 50kg bags of rice are priced between N75,000 and N80,000 in markets like Dutse, Wuse, and Kubwa in Abuja.
Notably, Nigeria’s food inflation climbed to 40.87% in June, as reported by the National Bureau of Statistics in their consumer price index report.