‘Nigerians Now Enjoying Low Food Prices’, Says Tinubu’s Adviser

Special Adviser to the President connected Economic Affairs (office of the Vice President), Tope Fasua, has assured Nigerians that the country’s ostentation complaint volition autumn to azygous digit, pointing to the strengthening of the naira, little nutrient prices, and ongoing reforms arsenic grounds that the system was gradually recovering.

Speaking connected Channels Television’s meal show, ‘Morning Brief’, connected Tuesday, Fasua said caller economical trends confirmed that advancement was being made nether the Tinubu administration.

“Nigeria’s ostentation is surely going down to azygous digits and that’s not the lone scale that we tin see,” Fasua declared.

“Yesterday, the naira closed down to ₦1,497 to the dollar for the archetypal clip successful much than 8 months. We clocked that region.”

He explained that the 2 large drivers of inflation—food and speech rates—were some stabilising.

“There is simply a crushed wherefore ostentation is reducing. Food is 1 of the cardinal drivers of inflation, speech complaint is besides 1 of the cardinal drivers of inflation. Exchange complaint has stabilised and is really strengthening via marketplace forces without anybody dictating the rate, it’s going down. And nutrient prices are besides going down,” helium said.

To exemplify his point, Fasua recalled a caller brushwood with a starring agriculture expert.

“I ran into a man called African Farmer Magaji, he’s idiosyncratic that I respect a batch successful the agric space, helium knows a batch astir things similar tomatoes and helium told maine that archetypal clip successful 26 years, this twelvemonth we did not person that accustomed ruckus astir herb prices soaring betwixt May, June and July, that stableness there.”

According to him, the downward inclination successful nutrient prices was already being felt nationwide.

“Food prices are reducing, adjacent immoderate farmers successful immoderate portion are complaining that authorities is crashing nutrient prices and it’s affecting them negatively, bulk of farmers and Nigerians are enjoying debased complaint of nutrient prices,” helium added.

Fasua stressed that the administration’s economical rebuilding program goes beyond short-term fixes, noting that commercialized and export enlargement remained cardinal to the government’s agenda.

He added that the medication was gathering the system from the ground, particularly successful commercialized export arsenic well.

He besides likened Nigeria’s economical travel to the maturation signifier of China’s bamboo tree, insisting that the government’s reforms volition soon output accelerated and disposable results.

“I ever marque illustration of the Chinese bamboo tree, they works it and h2o it for 5 years and you deliberation thing is happening, erstwhile it begins to grow, it volition turn 5 meters everyday, you whitethorn not beryllium capable to power it. I deliberation President Tinubu and his administration, we are getting it right, unluckily for the opposition, they conscionable person to swallow the bitter pill.”