The Special Adviser to the President on Economic Matters, Dr. Tope Fasua, has assured Nigerians that inflation will soon reduce to a single-digit rate, signaling economic relief for citizens.
Fasua gave this assurance while speaking on The Morning Brief, a programme on Channels Television, where he highlighted signs of price stabilization across the country.
According to him, food prices are gradually falling, reflecting the positive trend. His remarks followed the recent release of the inflation report by the National Bureau of Statistics (NBS), which indicated that headline inflation dropped to 20.12 percent in August 2025 from 21.88 percent in July.
The NBS data further revealed a 1.76 percent decrease on a monthly basis, with August’s headline inflation standing at 0.74 percent and food inflation recorded at 1.65 percent. Year-on-year, the August 2025 rate was 12.03 percent lower compared to the 32.15 percent reported in August 2024.
Fasua dismissed comments by former Vice President Atiku Abubakar, who alleged that “Nigerians are dying from hunger daily.” According to Fasua, “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.”
He admitted that 20.12 percent is still a high figure but described the drop as a reflection of overdue rebasing. Fasua explained, “Our concern should be that our statistics and data should be much more on point and frequent.”
Highlighting global examples, he noted that Ghana’s inflation has fallen from 40 percent to near single digits, while Pakistan once faced 40 percent inflation but is now battling deflation. “Nigeria’s inflation will certainly go to a single digit. Besides, that’s not the only positive thing we can see,” he said.
Fasua also pointed out improvements in the foreign exchange market, where the naira traded as strong as ₦1,497 per US dollar in recent days, its best in eight months. He attributed this to market forces stabilizing the exchange rate, alongside stronger oil prices.
He further stated that the agricultural sector is experiencing stability, noting that tomato prices did not witness their usual spike this year, with some farmers even lamenting over declining prices.
okay.ng reports that Fasua emphasized Nigerians should expect consistent improvement, as both exchange rate stability and food price moderation will continue to drive inflation downward.
