Nigerians may soon breathe easier, as inflation begins to slow. So says Tope Fasua, Special Adviser to the President on Economic Matters. He believes the country is on track for single-digit inflation.
He gave this assurance on Channels Television’s The Morning Brief on Tuesday.
Fasua said food prices are already dropping. “Nigerians, including these farmers, are enjoying the drop in food prices because they are much more stable.”
According to the National Bureau of Statistics, headline inflation fell to 20.12% in August 2025, down from 21.88% in July. That’s a 1.76% drop.
On a monthly basis, inflation stood at 0.74%, while food inflation was 1.65%. Year-on-year, inflation dropped by 12.03% compared to August 2024.
Rebasing and Political Reactions
Fasua admitted the current rate is still high but said it reflects a long overdue rebasing. “The rebasing came in about six years after it ought to have been done.”
He dismissed Atiku Abubakar’s claim that Nigerians were “dying from hunger daily” as political. “He’s trying to see how he can wangle himself back into the presidency.”
Fasua added, “The most important thing is that the rebasing was done several months back, and what we are seeing is then consistent drop in inflation.”
Naira Strengthens, Global Oil Prices Rise
Fasua pointed to the naira’s recent gains and rising oil prices as signs of economic recovery. “Yesterday, the naira traded at some point, ₦1,497/$1. For the first time in like eight months, we have clocked the ₦1,400 region.”
He explained that crude oil and exchange rates are major inflation drivers. “The exchange rate has stabilised, and it’s actually via market forces.”
He also cited examples from Ghana and Pakistan. “Nigeria’s inflation will get to a single digit as well; it’s a matter of time.”
Food Prices Show Signs of Stability
Fasua shared insights from the agriculture sector. “For the first time in 26 years, this year, we did not have the usual recourse around tomato prices soaring and shortages.”
Some farmers are even worried about falling prices. “The government is now crashing food prices to make it affect their businesses negatively.”
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