Inflation Decline Offers Hope for Nigerians — Presidency
The Presidency has given renewed assurance that Nigeria’s inflation rate will soon hit single digits, sparking hope for improved living conditions across the country.
This was disclosed by the Special Adviser to the President on Economic Matters, Tope Fasua, during an appearance on Channels Television’s The Morning Brief on Tuesday.
According to Fasua, food prices are already becoming more stable, and recent economic indicators show that inflation is cooling down significantly.
NBS Confirms Drop in Headline Inflation
Fasua’s remarks came shortly after the National Bureau of Statistics (NBS) released fresh data showing that:
- Headline inflation dropped to 12% in August 2025, down from 21.88% in July
- This reflects a 76% decline
- Month-on-month inflation stood at 74%, while food inflation was 1.65%
- Year-on-year, inflation dropped by 03% compared to 32.15% in August 2024
“The pace of price increases is slowing, even though inflation remains,” the NBS report stated.
Fasua: “We Will Reach Single Digit Soon”
Responding to critics like former Vice President Atiku Abubakar, who claimed Nigerians were “dying from hunger,” Fasua said such comments were politically motivated.
“Inflation does not increase forever — not in any country,” Fasua said.
“Look at Ghana, their inflation was once 40%, but it’s now heading towards single digit. Nigeria’s will follow the same path.”
He added that Pakistan, once battling 40% inflation, is now facing deflation, showing how economic cycles eventually reverse.
Rebasing Shows True Picture of the Economy
Fasua admitted that 20.12% inflation is still high, but emphasized that the numbers are now more accurate due to a long-overdue rebasing of Nigeria’s inflation metrics.
“The rebasing should have happened six years ago. Now, we are getting more reliable and timely data,” he noted.
Stronger Naira, Oil Prices Fueling Recovery
The presidential aide also pointed to positive market trends:
- Naira recently appreciated to ₦1,497/$, the strongest rate in 8 months
- Crude oil prices are rising again
- Exchange rate stability is helping to reduce inflation pressure
“The naira’s rebound is being driven by market forces, and that’s healthy for the economy,” Fasua said.
Food Prices Becoming Stable, Farmers React
Fasua also shared that food price volatility is improving this year:
“For the first time in 26 years, tomato prices didn’t skyrocket during the usual season. Some farmers are now complaining that prices are too low,” he said.
He concluded by assuring Nigerians that continued reforms, along with market stability and responsible data management, will drive inflation down to single digits soon.
