By Obinna Uballa
Tope Fasua, a Special Adviser to the President on Economic Matters, has
said that inflation would fall to a single digit in the near future, citing what he called recent improvements in food supply, currency stability, and global oil prices as indicators.
Fasua, who spoke on Channels Television’s The Morning Brief on Tuesday, said the economy was already showing signs of recovery, with headline inflation easing to 20.12 percent in August 2025, down from 21.88 percent in July.
According to the National Bureau of Statistics (NBS), the August figure marked a 1.76 percent month-on-month decline and was 12 percent lower than the 32.15 percent recorded in August 2024.
The presidential aide admitted that 20.12 percent was still high but explained that the figure reflected a long-overdue rebasing of Nigeria’s inflation metrics. “Prices are still increasing, but not as they used to be. The rebasing came six years late and gave us the true picture of where we are. Since then, inflation has been consistently dropping,” Fasua added.
Dismissing former Vice President Atiku Abubakar’s claim that Nigerians were “dying from hunger daily,” Fasua said the comment was political. “Atiku is trying to wangle himself back into the presidency. He doesn’t have to commend the government, but the rest of us just need to stick with the facts,” he said.
Fasua argued that inflation never rises indefinitely, pointing to Ghana and Pakistan where rates once exceeded 40 percent but have since dropped, with Pakistan now battling deflation. “Nigeria’s inflation will certainly get to a single digit. It’s only a matter of time,” he assured.
He also highlighted the naira’s recent gains, noting that it traded in the N1,400/$1 range for the first time in eight months. “The exchange rate has stabilised via market forces, and crude oil, a key driver of inflation, is improving globally,” he said.
On food prices, Fasua cited agriculture experts who confirmed that for the first time in 26 years, tomato prices did not spike this year. “Some farmers are even complaining that falling prices are hurting their businesses, but Nigerians are enjoying more stability,” he noted.
He stressed that the combined effect of improved exchange rates, crude oil earnings, and stable food prices would continue to ease inflationary pressures, eventually driving the rate into single digits.
