Inflation Will Soon Drop to Single Digits, Presidency Assures Nigerians

The Special Adviser to the President on Economic Matters, Tope Fasua, has expressed confidence that Nigeria’s inflation rate will soon decline to single digits — a development he believes will significantly ease the financial burden on citizens.

Fasua made this known during a media interview on Tuesday, noting that food prices have already begun to show signs of stability as inflation slows.

His comments came shortly after the National Bureau of Statistics (NBS) released new data indicating that headline inflation dropped to 20.12% in August 2025, down from 21.88% in July — a 1.76 percentage point decrease.

According to the NBS, on a month-to-month basis, headline inflation stood at 0.74%, while food inflation was recorded at 1.65%. On a year-on-year comparison, the August 2025 rate reflects a significant decline from the 32.15% recorded in August 2024 — a 12.03 percentage point difference.

While inflation remains a challenge, the data suggests that the rate of price increases is gradually slowing.

Responding to former Vice President Atiku Abubakar’s recent remarks that Nigerians are “dying from hunger daily,” Fasua dismissed the comments as political rhetoric.

“Former Vice President Atiku Abubakar merely made a political statement, which is expected at this time, as he’s seeking a way back into the presidency. I don’t comment on political matters,” Fasua said. “He doesn’t have to commend the current administration, but the facts are clear for everyone to see.”

Acknowledging that 20.12% is still relatively high, Fasua attributed the current figures to a necessary statistical adjustment.

“A 20.12% inflation rate still seems high in some quarters, but it reflects a more accurate picture due to the recent rebasing — which was delayed for about six years. Our focus should be on improving the accuracy and timeliness of our data,” he explained.

Fasua stressed that inflation is not a permanent trend and pointed to examples from other countries.

“Inflation doesn’t rise forever — not in any economy. Ghana, for example, had inflation as high as 40%, but it is now trending toward single digits. Pakistan faced a similar situation two years ago, and now they’re battling deflation, which brings its own problems,” he said.

“Nigeria’s inflation will definitely fall to single digits. It’s only a matter of time,” he added.

Fasua also highlighted other signs of economic improvement, including a stronger naira and rising global oil prices.

“Just yesterday, the naira traded at around ₦1,497/$1, reaching the ₦1,400 range for the first time in about eight months — that’s significant progress,” he said. “Crude oil and exchange rates are key inflation drivers, and both are showing positive trends. The exchange rate, in particular, has stabilised through market-driven mechanisms.”

He further noted that food prices have become more stable in recent months.

“A well-regarded figure in the agricultural sector told me that, for the first time in 26 years, we didn’t experience the usual seasonal spike in tomato prices. In fact, some farmers are now saying prices are dropping too much and affecting their margins,” Fasua revealed.

He concluded by saying that while challenges remain, current indicators point toward continued improvement.

“Nigerians are beginning to benefit from the drop in food prices. Things are becoming more stable, and that’s a step in the right direction.”