Residents of the Federal Capital Territory (FCT) are experiencing relief as the prices of some staple food items have decreased in both the city center and surrounding areas. A survey conducted by the News Agency of Nigeria (NAN) across several markets, including Apo Fish Market, Dutse, Lugbe, Wuse, Nyanya, and Orange Market, revealed that while some food prices have dropped, others remain high.
The reduction in prices is largely attributed to the ongoing harvest season, which has boosted food supply, and a tax waiver on certain food items granted by the Federal Government. For instance, the price of tomatoes, which reached ₦230,000 per basket in June, has now dropped to between ₦40,000 and ₦55,000. Similarly, the price of yams has also decreased, with five tubers now selling for between ₦12,000 and ₦18,000, compared to ₦25,000 to ₦35,000 earlier.
However, not all food items have seen a price reduction. The cost of meat, rice, beans, and some other staples has either remained unchanged or increased. A 50kg bag of local rice that was ₦64,000 in June is now priced between ₦80,000 and ₦84,000, while the price of beans has also risen significantly.
Despite the price drops in some areas, many residents are still finding it difficult to cope with the high cost of living. Economists are advising the government to focus on boosting local production to reduce reliance on imports and stabilize food prices, which could help alleviate the financial strain on Nigerians.
