See new price as FG crashes price of 50kg bag ahead of protest

• Nigerians have reacted to the federal government's reduction in the price for a 50kg bag of rice to N40,000
• The reports of this reduction have been greeted with much excitement and also mixed feelings on social media
• The current market price for a 50kg bag of rice is at N80,000 or more, and Nigerians will be hoping the FG efforts will work

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Federal Government has created centres across the country where Nigerians can purchase a 50kg bag of rice for N40,000.

50kg bag of rice now N40,000 Photo credit: Benson Ibeabuchi
Source: Getty Images

This was disclosed by Mohammed Idris, the minister of Information and National Orientation, after the Federal Executive Council meeting presided over by President Bola Tinubu at the State House, Abuja.

He explained that the FG has distributed 740 trucks of grains to states, Punch reports.

His words:

“For example, at the last Council meeting, we announced that 20 trucks had been given to each state governor for onward distribution to those who actually needed them, to the poorest of the poor in society.“But the government did not stop. Rice is also being sold at about 50% of its cost; a bag of rice is being sold as we speak. 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 this rice at N40,000.“In the first instance, about 10 trucks have been made available to each of these states; indeed, this is just the beginning. I know that some of the comments you hear is that it is never enough. "The government has not pretended that these supplies are indeed enough. But these are necessary first steps that are being made and more of such interventions are being made in the interim.”

Nigerians reacts to new bag of rice price

Nigerians React to FG’s decision to set rice price at N40,000 per bag

@Onlineguru_ said:

"Please drop location abi na inside Aso Rock them dey sell am?"

@Trueaficionado added:

"Nigerian government is now general super market, the question is how long would this super market last, how did they get the rice, did they subsidise the rice to sale it at rate of N40k, if yes. Let them subsidise fuel instead of rice. Thank you."

@iz_neuron stated:

"It's still expensive. Rice should be N6,500."

Governor to sell rice at 50% discount

In related news, Legit.ng reported that Governor Dapo Abiodun will commence the sale of rice to residents of Ogun state at half the price of the commodity.

The governor disclosed that the sale of rice would start with public servants across the board.

Abiodun explained that selling at a 50% discount would enable his administration to continue buying rice and reselling it to the residents.

Source: Legit.ng