Inflation will soon hit single digit, Presidency tells Nigerians
By Jeffrey Agbo
The Presidency has expressed optimism that Nigeria’s inflation rate will soon fall to a single digit, a development it says will ease the burden on citizens.
Special Adviser to the President on Economic Matters, Tope Fasua, gave the assurance on Tuesday while speaking on Channels Television’s The Morning Brief.
Fasua said food prices are already showing signs of stability as inflation continues to ease. His remarks followed the latest National Bureau of Statistics (NBS) report showing headline inflation dropped to 20.12% in August 2025, from 21.88% in July.
According to the NBS, the August figures reflected a 1.76% decline compared to July. On a month-to-month basis, headline inflation stood at 0.74%, while food inflation was recorded at 1.65%. Year-on-year, the rate was 12.03% lower than the 32.15% seen in August 2024. The bureau explained that although inflation persists, the pace of price increases is slowing.
Reacting to former Vice President Atiku Abubakar’s criticism that Nigerians were “dying from hunger daily,” Fasua dismissed the comment.
“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.”
While acknowledging that inflation remains high, Fasua stressed that the figures now reflect a rebasing that was long overdue.
“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,” Fasua said.
He added that inflation never rises indefinitely, citing Ghana and Pakistan 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,” he said.
Fasua further pointed to the strengthening of the naira and rising global oil prices as signs of progress.
“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,” Fasua said.
He also highlighted greater stability in food prices 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,” Fasua said.
