According to Bayo Onanuga, the Special Adviser to President Bola Tinubu, “Food inflation is coming down as prices of yam, tomatoes decline massively.”

This statement comes after a report by The Cable revealed that the price of a large basket of tomatoes has fallen sharply from ₦150,000 to ₦55,000-₦60,000 at Ketu market.

Similarly, the price of a large basket of habanero pepper has reduced to ₦25,000 from ₦55,000.

However, the Nigeria Economic Summit Group (NESG) has expressed concerns about the escalating inflationary pressures in the economy, attributing it to rising food prices.

The NESG CEO, Dr. Tayo Aduloju, anticipates that the Central Bank of Nigeria (CBN) will maintain its inflation-targeting policies, potentially leading to an increase in the Monetary Policy Rate (MPR).

Despite this, the Presidency’s announcement suggests that the government’s efforts to address food inflation are yielding results, with a decline in prices of essential items.