Federal Government Welcomes Drop in Food Prices as Relief to Nigerians, Announces New FGN Savings Bonds Offer

The federal government has expressed satisfaction with the recent decline in food prices across Nigeria, describing it as a much-needed relief for citizens. This development follows months of high inflation and rising food costs that have strained household budgets.

According to recent market surveys, prices of staple food items such as rice, onions, and tomatoes have decreased significantly.

For instance, the price of a 50kg bag of rice has dropped from N88,000 to N65,000, while a big basket of fresh tomatoes has seen a 70% reduction from N120,000 to N35,000.

The National Bureau of Statistics reported a decrease in the food inflation rate to 26.08% in January 2025, down from previous highs.

The government attributes this decrease to increased supply from local farmers and strategic interventions, including a 150-day duty-free import window for certain food commodities.

Minister of Information and National Orientation, Mohammed Idris, emphasized that boosting agricultural production rather than imposing price controls is key to reducing food prices.

In another economic development, Nigeria’s Debt Management Office (DMO) has announced a new offer for Federal Government of Nigeria (FGN) Savings Bonds in March 2025.

This move aims to provide Nigerians with a secure investment opportunity and help manage the country’s debt profile.

The FGN Savings Bonds are designed to encourage savings and investment among citizens, offering competitive interest rates and a low-risk investment option.

The DMO’s initiative is part of broader efforts to stabilize the economy and attract domestic investment. As Nigeria continues to navigate economic challenges, these developments are seen as positive steps toward improving financial stability and reducing the cost of living for Nigerians.

A photo of a bustling market with reduced price tags on food items, or an image of the DMO’s announcement regarding the FGN Savings Bonds, would be fitting for this article.