The Presidency has assured Nigerians that the country’s inflation rate is on track to hit single digits, signaling what he described as improving economic conditions and relief in food prices.
Speaking in a television interview on Tuesday, the Special Adviser to the Presidency on Economic Matters, Tope Fasua said the latest data from the National Bureau of Statistics (NBS) supports the government’s optimism.
“Nigeria’s inflation will certainly go to a single digit. It’s a matter of time,” he declared.
Toscad news reported recently released figures from the NBS, as headline inflation in August 2025 stood at 20.12%, a notable decrease from 21.88% in July 2025. The data also showed that month-on-month food inflation was 1.65%, while headline inflation dropped by 1.76 percentage points year-on-year, compared to 32.15% in August 2024.
Fasua explained that this consistent decline is a direct result of ongoing economic reforms, rebased statistical models, and improved data accuracy.
“The rebasing gave us the true picture of where we are. Inflation doesn’t increase forever, not in any country,” he said, citing countries like Ghana and Pakistan that have seen similar inflationary trends turn around.
Fasua noted that food prices in Nigeria are beginning to stabilize, particularly staples like tomatoes, which have historically seen seasonal price spikes.
“For the first time in 26 years, tomato prices did not soar as usual during the planting season. Some farmers are even complaining that food prices are crashing and affecting their profit margins,” he said.
He also attributed the drop in inflation to the recent appreciation of the naira, which traded at around N1,497/$1—the strongest level in eight months.
“The exchange rate has stabilised, and it’s actually via market forces,” he said. “We’ve now entered the N1,400 region, which is remarkable.”
Fasua also pushed back against recent comments by former Vice President Atiku Abubakar, who claimed that Nigerians are dying of hunger due to economic hardship.
“That was merely a political statement,” Fasua said. “He’s trying to wangle his way back into the presidency. The rest of us just need to stick with the facts.”
He stressed that while 20.12% inflation remains high by global standards, the current downward trend is encouraging, and citizens should focus on data-backed improvements.
