The Federal Government has expressed optimism that Nigeria’s economy will soon achieve single-digit inflation, following a recent report showing a decline in the rate of price increases.
Dr. Tope Fasua, Special Adviser to the President on Economic Matters, explained during a television interview that citizens should begin to see more economic relief in the coming months.
The National Bureau of Statistics (NBS) data for August 2025 revealed that headline inflation fell to 20.12 percent, down from 21.88 percent in July. This represents a 1.76 percent drop and a significant year-on-year reduction of 12.03 percent compared to 32.15 percent in August 2024.
Despite acknowledging that 20.12 percent remains high, Fasua said it reflected overdue rebasing of the economy. He insisted that data accuracy should be prioritized to help policymakers and investors make informed decisions.
He also criticized opposition figures for politicizing economic issues. Responding to former Vice President Atiku Abubakar’s claims of hunger in the country, Fasua remarked that such comments were politically motivated and did not align with current realities.
Fasua pointed to progress in exchange rate stability and improved oil revenues as major contributors to the slowdown in inflation. The naira, which recently strengthened to ₦1,497 per US dollar, has shown resilience after months of volatility.
In the agricultural sector, Fasua observed that staple food prices such as tomatoes have remained steady for the first time in over two decades, further supporting inflation stability.
He concluded that Nigeria, like Ghana and Pakistan, would inevitably witness single-digit inflation as market forces continue to play out positively.