The Presidency has expressed optimism that Nigeria’s inflation rate will soon fall to single digits, describing the trend as a sign of improving economic conditions.
Special Adviser to the President on Economic Matters, Tope Fasua, made the remark on Tuesday during an appearance on Channels Television’s The Morning Brief. His comments followed data from the National Bureau of Statistics showing that headline inflation eased to 20.12 per cent in August 2025, down from 21.88 per cent in July.
Fasua said the decline was already reflected in stabilising food prices, while dismissing former Vice President Atiku Abubakar’s criticism that Nigerians were “dying of hunger” as political rhetoric.
“A 20.12 per cent inflation rate is still high, but it means prices are not rising as quickly as before. Inflation does not increase forever. Ghana once had 40 per cent inflation; today, it is trending toward single digits. Nigeria will get there as well—it’s only a matter of time,” Fasua said.
He attributed the progress to recent reforms, a more stable exchange rate, and higher crude oil prices. “Yesterday, the naira traded at N1,497 to the dollar. For the first time in eight months, we saw the N1,400 region, and that’s remarkable,” he said.
Fasua also noted improvements in agriculture, pointing out that tomato prices, which typically soar during shortages, have remained stable this year. “Some farmers are even complaining that government efforts to stabilise food prices are affecting their margins, but Nigerians are benefitting from lower costs,” he added.
The economic aide argued that with consistent policy, Nigeria’s inflation outlook would mirror other economies that have successfully brought rates down after spikes, citing Pakistan and Ghana as examples.
