The Special Adviser to the President on Economic Matters, Tope Fasua, has stated that Nigerians can expect inflation to fall to a single digit soon, which he believes will make life easier for the people.
Fasua gave this assurance when he featured on Channels Television’s The Morning Brief on Tuesday.
He explained that food prices are already beginning to drop as inflation eases.
His statement came shortly after the National Bureau of Statistics reported that headline inflation fell to 20.12% in August 2025, down from 21.88% in July.
According to the NBS, the August 2025 inflation rate showed a 1.76% drop compared to July.
On a monthly basis, headline inflation stood at 0.74% in August, while food inflation was 1.65%.
Year-on-year, inflation was 12.03% lower than the 32.15% recorded in August 2024.
The statistics agency explained that while inflation remains, the pace of price increases is slowing compared to previous months.
Reacting to claims by former Vice President Atiku Abubakar that Nigerians were “dying from hunger daily,” Fasua said, “Former vice president, Atiku Abubakar, merely made a political statement which is expected at this time, because he’s trying to see how he can wangle himself back into the presidency, and I don’t comment on political things.
“He doesn’t have to commend the current government for the achievement, but the rest of us just need to stick with the black and white.”
Fasua admitted that 20.12% is still high but stressed that the figures now reflect a long overdue rebasing.
He stated, “A 20.12 inflation is still large in many quarters because what it says is that prices are still increasing in some quarters, but not as they used to be. It is rebasing. The rebasing came in about six years after it ought to have been done. Our concern should be that our statistics and data should be much more on point and frequent.
“So the rebasing was done, and it gave us the true picture of where we are. So, for every emotional reason, somebody believes that we should still be around 30 per cent. Well, that is their own cup of tea. The most important thing is that the rebasing was done several months back, and what we are seeing is then consistent drop in inflation.”
He added that inflation never rises forever and pointed to other countries as examples.
“Inflation does not increase forever, not in any country. We have Ghana next to us, with inflation up to 40 per cent. Today, their inflation is trending down to a single digit.
“Nigeria’s inflation will get to a single digit as well; it’s a matter of time.
“Pakistan’s economy experienced inflation of up to 40 per cent some two years ago. Today, they are battling deflation, which is even a bigger issue because when there is no incentive for people to produce more goods themselves, everything goes down again.
“Nigeria’s inflation will certainly go to a single digit. Besides, that’s not the only positive thing we can see.”
Fasua also mentioned that the naira has strengthened in recent days and oil prices are improving on the global market.
He explained, “Yesterday, the naira traded at some point, N1,497/\$1. For the first time in like eight months, we have clocked the N1,400 region, and that’s remarkable.
“And if we look at why the inflation is reducing, for anybody that cares to know, of course, crude is one of our key drivers of inflation. The exchange rate is also another key driver. The exchange rate has stabilised, and it’s actually via market forces.”
He noted that food prices have also become more stable this year.
“A very respected source I respect in the agriculture sector, told me that for the first time in 26 years, this year, we did not have the usual recourse around tomato prices soaring and shortages. Some farmers are even complaining that the government is now crashing food prices to make it affect their businesses negatively.
“Nigerians, including these farmers, are enjoying the drop in food prices because they are much more stable.”
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