BREAKING: FG crashes price of 50kg bag of rice to N40,000

The Nigerian government has announced a 50 percent reduction in the price of a 50kg bag of rice, bringing it down to N40,000 nationwide.

This was disclosed by the Minister of Information and National Orientation, Mohammed Idris, following the Federal Executive Council meeting in Abuja on Monday.

The reduction coincides with the recent distribution of 20 trucks of rice to various state governors for allocation to Nigerians.

“There is also rice that is being sold at about 50 per cent of its cost. A bag of rice 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. Centres have been created, so that those who need this rice can go there and buy it at N40,000,” he said.

Meanwhile, a News360 Nigeria survey indicated that a 50-kg bag of rice goes for between N75,000 and N80,000 in Dutse, Wuse and Kubwa markets in Abuja.

This is as Nigeria’s food inflation rose to 40.87 per cent in June, according to the National Bureau of Statistics consumer price index report.