The Nigerian government has announced a 50% reduction in the price of a 50kg bag of rice to N40,000, following the release of 20 trucks of rice for distribution. The Minister of Information, Mohammed Idris, stated that this reduced price is available at designated centers across the country. However, a survey shows that the current market price for a 50kg bag of rice is between N75,000 and N80,000 in Abuja markets. Additionally, Nigeria’s food inflation reached 40.87% in June, according to the National Bureau of Statistics.
“There is also rice being sold at about 50 per cent of its cost. A bag of rice is being sold for 80k as we speak now. This rice has been taken to various centres across all the states of the federation and is being sold at N40,000. Centres have been created, so that those who need this rice can go there and buy it at N40,000,” he said.