Tope Fasua, Special Adviser to the President on Economic Matters, announced on Channels Television’s The Morning Brief that Nigeria’s inflation is projected to drop to single digits soon, promising relief for citizens.
The statement follows the National Bureau of Statistics (NBS) report indicating a decline in headline inflation to 20.12% in August 2025, down from 21.88% in July, a 1.76% decrease.
Year-on-year, inflation fell by 12.03% compared to 32.15% in August 2024. Monthly headline inflation was 0.74%, with food inflation at 1.65%, signaling a slower pace of price increases.
Fasua dismissed claims by former Vice President Atiku Abubakar that Nigerians are “dying from hunger daily” as politically motivated, emphasizing the government’s progress in stabilizing the economy.
He acknowledged that 20.12% inflation remains high but highlighted that recent data reflects a long-overdue rebasing of economic metrics, providing a clearer picture of Nigeria’s economic state.
“Inflation doesn’t rise forever,” Fasua noted, citing Ghana and Pakistan, where inflation dropped significantly after peaking at 40%.
Fasua also pointed to positive economic indicators, including a stronger naira, which recently traded at N1,497/$1, reaching the N1,400 range for the first time in eight months.
Rising global oil prices and a stabilized exchange rate through market forces are further driving the decline in inflation.
However, he noted concerns from farmers, with some reporting that government policies are crashing food prices, negatively impacting their businesses.
Despite these challenges, Fasua emphasized that Nigerians, including farmers, are benefiting from more stable food prices, with no significant tomato price surges or shortages this year, a first in 26 years.
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