The Presidency on Tuesday expressed confidence that Nigeria’s inflation rate is on track to hit single digits, a shift it says will ease living conditions and stabilize food prices across the country.
Special Adviser to the President on Economic Matters, Tope Fasua, gave the assurance while speaking on The Morning Brief on Channels Television.
His comments followed fresh data released by the National Bureau of Statistics (NBS), which showed that headline inflation dropped to 20.12% in August 2025, down from 21.88% in July.
“Inflation Will Keep Dropping”
Fasua noted that the downward trend has already impacted market prices, particularly food.
“Inflation does not increase forever, not in any country. Nigeria’s inflation will certainly get to a single digit — it’s only a matter of time,” he said.
He argued that the recent decline reflects a more accurate picture of the economy following a delayed rebasing exercise, which had distorted statistics for years.
Comparing Nigeria’s situation with other countries, Fasua cited Ghana, where inflation once soared to 40% but is now trending toward single digits, and Pakistan, which moved from high inflation to deflation.
Response to Atiku’s Criticism
Fasua also dismissed former Vice President Atiku Abubakar’s recent comments that Nigerians were dying daily from hunger, describing them as politically motivated.
“He doesn’t have to commend the government, but the facts speak for themselves,” Fasua said.
Naira Gains and Crude Oil Boost
The presidential aide highlighted other positives, including the naira’s recent appreciation in the ₦1,400/$1 range — its strongest level in eight months — and rising international crude oil prices, which he described as key drivers of the inflation slowdown.
He also pointed to improved agricultural output, noting that tomato shortages, which traditionally push up food inflation, were absent this year.
“Some farmers are even complaining that government policies are crashing food prices, but Nigerians are already benefiting from more stable food costs,” he said.
NBS Data Breakdown
According to the NBS:
The month-on-month inflation rate in August 2025 stood at 0.74%, down from 1.99% in July.
Food inflation slowed to 1.65% on a monthly basis.
Year-on-year, August 2025’s inflation rate of 20.12% was 12.03 percentage points lower than the 32.15% recorded in August 2024.
The statistics office noted that the drop reflects a consistent easing trend, aided by exchange rate stability, improved food supply, and stronger oil revenues.
