Nigeria’s inflation rate is expected to decline to a single digit, according to Tope Fasua, the Special Adviser to the Presidency on Economic Matters. Fasua made this statement on Channels Television’s “The Morning Brief” on Tuesday, citing the recent drop in inflation rate as a positive trend. The National Bureau of Statistics (NBS) reported that the inflation rate eased to 20.12% in August 2025, down from 21.88% in July 2025.
This decrease has impacted food prices, which are beginning to stabilize. Fasua attributed the decline in inflation to the stabilization of the exchange rate and the increase in crude oil prices. He also noted that the naira has appreciated to the N1,400 region, which is a significant improvement. The NBS reported that the month-on-month headline inflation rate in August 2025 was 0.74%, while the food inflation rate was 1.65% on a monthly basis.
Fasua’s statement comes after former Vice President Atiku Abubakar claimed that Nigerians are dying from hunger daily. Fasua dismissed this statement as a political comment, emphasizing that the focus should be on the facts and data. He pointed out that the rebasing of the inflation rate, which was done several months ago, has provided a more accurate picture of the country’s economic situation.
The NBS report also showed that the headline inflation rate decreased by 1.76% compared to the July 2025 rate. On a year-on-year basis, the rate was 12.03% lower than the rate recorded in August 2024. Fasua noted that inflation does not increase forever and cited examples of other countries, such as Ghana and Pakistan, where inflation has decreased over time.
The decline in inflation rate is expected to translate to better living conditions for Nigerians. Fasua emphasized that the government is working to stabilize the economy and improve the lives of citizens. The appreciation of the naira and the increase in crude oil prices are positive indicators of the country’s economic growth. As the inflation rate continues to decline, Nigerians can expect to see improvements in their standard of living.