The price of a 50kg bag of rice has surpassed N100,000, highlighting rising hardship as Nigerians contend with soaring food and fuel prices under Chief Bola Tinubu’s administration.
A recent survey by Peoples Gazette on Tuesday reveals significant increases in the prices of major rice brands, with Caprice at N123,500, Disney Princess at N102,000, Saelony at N110,000, Big Bull at N113,000, Mamas Pride at N114,000, and Tomato Gold reaching N148,500.
The survey also shows that the Big Bull sachet rice, which was previously N200, has recently increased to N300, reflecting the ongoing impact of inflation.
Experts attribute the spike in commodity prices to the sharp decline of the naira, which, according to FMDQ Exchange data on November 12, 2024, dropped to an unprecedented low of ₦1689.88 to the dollar at the Investor and Exporter window.
In addition, the removal of fuel subsidies has driven petrol prices from N175 per litre in May 2023 to N1,030 per litre as of October 2024, nearly a 500% increase.
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These developments stand in contrast to Mr. Tinubu’s campaign pledge in Ogun State to lower petrol pump prices, leaving consumers and households facing economic strain as the cost of living continues to climb.
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