Nigeria’s inflation rate is on track to fall to a single digit, which will improve living conditions for the public, according to Tope Fasua, the Special Adviser to the Presidency on Economic Matters.
Appearing in a recent interview, Fasua pointed to recent data from the National Bureau of Statistics (NBS) showing a steady decrease in the inflation rate.
The NBS reported that August 2025’s headline inflation was 20.12%, a decrease from 21.88% in July 2025. This downward trend, Fasua noted, is already positively impacting the cost of food.
Fasua addressed former Vice President Atiku Abubakar’s comments about hardship in the country, dismissing them as a “political statement” aimed at his own political ambitions.
He emphasised that the factual data is what matters, not political rhetoric. He explained that while a 20.12% inflation rate still means prices are rising, they are doing so at a slower rate than before.
He pointed to the recent rebasing of economic data, which he says provides a more accurate picture of the current situation.
Fasua stated that the consistent drop in inflation is a fact, and that it’s a matter of time before it reaches a single digit, citing similar trends in Ghana and Pakistan, where inflation has also declined significantly from high peaks. He cautioned that a drastic drop to deflation, as seen in Pakistan, can also pose economic challenges.
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Fasua also highlighted other positive economic indicators, including a stronger naira and higher crude oil prices. He noted that the naira recently traded at N1,497 per dollar, marking the first time in eight months it has entered the N1,400 range.
He attributed the stabilising exchange rate and rising crude prices to the slowing inflation. He also mentioned that the agricultural sector is seeing more stable food prices, with some farmers even complaining that government efforts are making food too affordable.
The NBS report detailed that the August 2025 inflation rate was 1.76% lower than the previous month. On a month-over-month basis, the rate was 0.74%, a decrease from 1.99% in July 2025.
Year-over-year, the August 2025 rate was 12.03% lower than the 32.15% recorded in August 2024.
