THE Presidency has expressed optimism that Nigeria’s inflation rate will soon fall to single digits, following fresh data from the National Bureau of Statistics (NBS) showing a continued decline.
Speaking in an interview with journalists, the Special Adviser to the President on Economic Matters, Tope Fasua, said the recent drop in headline inflation is already reflecting in food prices and other essentials, and would ultimately improve living conditions.
According to the NBS, inflation eased to 20.12 percent in August 2025, down from 21.88 percent in July, representing a 1.76 percent decrease. Year-on-year, the rate was 12.03 percent lower than the 32.15 percent recorded in August 2024.
Fasua dismissed comments by former Vice President Atiku Abubakar, who claimed Nigerians were “dying of hunger daily,” describing them as political.
He emphasized that inflationary trends were moderating, attributing the gains to exchange rate stability, rising crude oil prices, and improved agricultural output.
“Inflation does not rise forever in any country,” Fasua noted, citing Ghana and Pakistan as examples where high inflation has given way to a downward trend.
He added that Nigeria’s inflation is expected to follow a similar path, eventually reaching single digits.
The presidential aide also pointed out that the naira has strengthened in recent weeks, trading at around ₦1,497/$ in the parallel market, the first time in months it has entered the ₦1,400 range.
He further highlighted that stable food prices—such as tomatoes, which usually spike seasonally—reflect the government’s reforms.
The NBS report further noted that on a month-to-month basis, inflation slowed to 0.74 percent in August, compared with 1.99 percent in July, while food inflation stood at 1.65 percent.