The Special Adviser to the President on Economic Matters, Tope Fasua, has assured Nigerians that inflation will soon drop to a single-digit figure, easing the cost of living for citizens.
He spoke on Channels Television’s The Morning Brief on Tuesday, noting that food prices are beginning to stabilize as inflation slows.
Fasua’s comments followed the National Bureau of Statistics (NBS) report showing headline inflation fell to 20.12% in August 2025, down from 21.88% in July. On a monthly basis, headline inflation was 0.74% in August, while food inflation stood at 1.65%. Year-on-year, inflation dropped by 12.03% compared to August 2024, when it was 32.15%.
Reacting to former Vice President Atiku Abubakar’s claim that Nigerians are “dying from hunger daily,” Fasua dismissed it as a political statement. “He’s trying to wangle himself back into the presidency. I don’t comment on political things,” Fasua said, adding that the focus should remain on the actual statistics.
Fasua acknowledged that 20.12% is still high but explained that the figure reflects a long-overdue rebasing of Nigeria’s inflation data. He emphasized that inflation is slowing and pointed to other countries as examples. “Inflation does not increase forever. Ghana’s inflation, which was at 40%, is now trending down to a single digit. Nigeria’s inflation will get to a single digit as well; it’s a matter of time,” he said.
He also highlighted positive trends in the naira and oil markets. “Yesterday, the naira traded at N1,497/$1. For the first time in eight months, we are in the N1,400 region. The exchange rate has stabilized, and crude oil prices are improving, both of which help reduce inflation.”
Fasua further noted that food prices have become more stable this year, with some farmers even complaining that government interventions are lowering prices. “Nigerians, including farmers, are benefiting from the drop in food prices because they are much more stable,” he added.
