Pat Utomi Unveils Peter Obi's Plan to Lower Food Prices

Pat Utomi, a chieftain of the Nigeria Democratic Congress (NDC), revealed that presidential candidate Peter Obi plans to strengthen the naira to ₦500 per dollar. Currently, the naira trades at ₦1,346.86 per dollar on the official market and about ₦1,385 in the parallel market.

Utomi stated that this proposed exchange rate is part of Obi's economic agenda for the presidential campaign, which aims to curb inflation, reduce poverty, and improve purchasing power for Nigerians. He projected significant reductions in food prices, including a loaf of sliced bread dropping from ₦1,750 to ₦800, a 50kg bag of imported rice from ₦55,000 to ₦27,500, and a medium-sized yam tuber from ₦2,400 to ₦1,200.

Other commodities expected to become cheaper include petrol and cement. Utomi emphasized that this strategy targets the 140 million Nigerians currently experiencing multi-dimensional poverty.