Nigerian inflation fell to 20.12% in August 2025, down from 21.88% in July. Special Adviser Tope Fasua says single-digit inflation is imminent

The Special Adviser to the President on Economic Matters, Tope Fasua, has reassured Nigerians that inflation is on a steady decline and is expected to fall to a single-digit figure soon, easing the cost of living across the country.

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Speaking on Channels Television’s The Morning Brief on Tuesday, Fasua highlighted that food prices, a major driver of inflation, are beginning to drop, signalling positive economic trends.

This assurance follows the National Bureau of Statistics’ (NBS) recent report showing that headline inflation in Nigeria fell to 20.12% in August 2025, down from 21.88% in July — a 1.76% decrease month-on-month. Food inflation also eased, standing at 1.65% in August.

Year-on-year, inflation is 12.03% lower than the 32.15% recorded in August 2024, reflecting a significant slowdown in the pace of price increases.

Addressing criticism from former Vice President Atiku Abubakar, who claimed Nigerians are “dying from hunger daily,” Fasua described such remarks as political manoeuvres aimed at regaining power.

He urged Nigerians to focus on the “black and white” of economic data rather than political rhetoric.

While acknowledging that 20.12% remains relatively high, Fasua emphasised that the recent inflation figures are partly due to a rebasing of economic data that was overdue by about six years.

This rebasing provides a more accurate picture of Nigeria’s economic realities.

“Inflation does not increase forever,” Fasua noted, pointing to regional examples such as Ghana — which saw inflation peak at 40% but is now trending towards single digits — and Pakistan, which has moved from high inflation to battling deflation.

The adviser also noted recent improvements in the naira exchange rate and rising global oil prices, both critical factors in controlling inflation.

For the first time in about eight months, the naira traded in the N1,400 range against the dollar, a remarkable development.

Fasua further highlighted stability in food prices this year, especially for staples like tomatoes, which traditionally experience price spikes.

According to him, this year marks the first in 26 years without such shortages or price surges.

Also read: Eurozone Inflation Slows in August as Energy Eases

“Some farmers have even complained that the government’s efforts to stabilise prices are affecting their businesses negatively,” he said, adding that these developments are overall positive for Nigerian consumers and the economy.