2027: Pat Utomi Reveals How Peter Obi Plans To Crash Food Prices

Pat Utomi Key Takeaways Pat Utomi said Peter Obi’s presidential campaign economic agenda includes strengthening the naira from ₦1,350 to ₦500 per dollar to reduce living costs. The naira traded at ₦1,346.86 per dollar on the official Nigerian Foreign Exchange Market on Friday, while the parallel market rate was about ₦1,385. Utomi projected that the proposal could reduce sliced bread prices from ₦1,750 to ₦800 and a 50kg bag of imported rice from ₦55,000 to ₦27,500. A chieftain of the Nigeria Democratic Congress (NDC), Pat Utomi, has stated that the presidential candidate will strengthen the naira to ₦500 per dollar.

Naija News reports that as of Friday, the naira traded at ₦1,346.86 per dollar on the official Nigerian Foreign Exchange Market (NFEM), while the dollar sold for about ₦1,385 in the parallel market.

In a post on 𝕏, Utomi said strengthening the naira from ₦1,350 to ₦500 would help curb inflation, reduce poverty, and improve Nigerians’ purchasing power.

He said the proposed exchange rate is part of Obi’s economic agenda for the presidential campaign.

He said the price of a loaf of sliced bread could drop from ₦1,750 to N800, while a 50kg bag of imported rice could decline from ₦55,000 to ₦27,500.

He also projected that a medium-sized yam tuber would fall from ₦2,400 to ₦1,200, while a 50kg bag of maize could drop from ₦75,000 to ₦37,500.

According to him, the price of a bunch of plantain could decline from ₦2,500 to ₦1,250, while a whole chicken could drop from ₦7,000 to ₦3,500.

Utomi also listed petrol and cement among the commodities expected to become cheaper under the proposed economic programme.

“We are convinced that targeting a strategic appreciation of the exchange rate by reasonably strengthening it from ₦1,350/$ to ₦500/$ as part of our manifesto is a winning strategy.

“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living,” he said.

He said the proposal shows the party’s plan to improve Nigerians’ living conditions, particularly for those experiencing multi-dimensional poverty.

“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he said.

Copy link Copied! Facebook X (Twitter) WhatsApp Telegram Follow Naija News on Google Author: Justina Otio Justina is a passionate storyteller and avid reader. Beyond the newsroom, she’s a strategic content marketer and lifelong learner who loves diving into topics far outside her field. Contact: justina@naijanews.com

Politics 17 hours ago We Were Almost Discouraged South-East Belongs To Peter Obi – Makinde Politics 1 day ago ‘This Dumbness Is Beyond Measure’ – Keyamo Blasts Peter Obi Politics 1 day ago ‘There Are Redlines That Should Never Be Crossed’ – Gov. Peter Mbah Denies Stopping Peter Obi’s Town Hall Meeting Politics 2 days ago ‘He Likes Saying What He Doesn’t Practice, Fooling His Followers’ – Onanuga Attacks Peter Obi Politics 2 days ago ‘We’ll Rig Those Who Rig 2027 Election’ – Peter Obi Politics 2 days ago Nigeria Would Be So Rich If Everybody Left Money In The Bank – Peter Obi Comment *