Why the Nigerian Government Slashed Rice Price to N40k Per 50kg Bag

The Nigerian government has announced a 50% reduction in the cost of a 50kg bag of rice, now selling at N40,000. The move aims to alleviate the impact of rising food inflation, with centres established across the country for distribution.

In a decisive move to tackle rising food costs, the Nigerian government has announced a significant reduction in the cost of rice. The Minister of Information and National Orientation, Mohammed Idris, revealed that the cost of a 50kg bag has been slashed by 50%, now selling at N40,000 across the country. This announcement followed the Federal Executive Council meeting held on Monday in Abuja.

The reduction comes as part of broader efforts to make essential commodities more affordable amid skyrocketing food inflation, which reached 40.87% in June, according to the National Bureau of Statistics. To facilitate the new cost, 20 trucks of rice have been dispatched to various state governors for distribution. Designated centres have been established nationwide to ensure that citizens can access and purchase the product at the reduced cost.

“There is also rice that is being sold at about 50 per cent of its cost. A bag is being sold 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,” stated Minister Idris.

Despite this government intervention, a survey by DAILY POST shows that the market cost for a 50kg bag still hovers between N75,000 and N80,000 in various Abuja markets, including Dutse, Wuse, and Kubwa. The discrepancy highlights the ongoing challenges in stabilizing food prices and ensuring equitable access to essential goods.