Inflation down to 20.12% — but still a long way to go
The Presidency is optimistic that Nigeria’s inflation will fall to a single digit soon, following a reported decline in headline inflation to 20.12% in August 2025, down from 21.88% in July.
Speaking on Channels TV’s The Morning Brief on Tuesday, Tope Fasua, Special Adviser to the President on Economic Matters, called the latest drop a sign of progress, despite public concerns about the cost of living.
“Atiku’s hunger comment is just politics” — Fasua
Fasua responded to former Vice President Atiku Abubakar’s criticism that Nigerians are “dying of hunger,” saying it was more about political posturing than facts.
“He doesn’t have to commend the current government, but let’s stick with the data,” Fasua said.
He explained that while inflation is still high, the recent rebasing of data has given a clearer picture — and one that shows consistent decline.
“Other countries have been worse” — Ghana and Pakistan cited
Fasua compared Nigeria’s situation with countries like Ghana and Pakistan, where inflation had once hit 40%, noting that both have since seen rates fall dramatically. He believes Nigeria is on the same trajectory.
Naira gains and crude oil prices fuel optimism
Fasua highlighted two key drivers of the inflation slowdown:
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The naira, which recently traded at ₦1,497/$1, marking its strongest performance in months
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The rise in global crude oil prices, which boosts Nigeria’s revenue
He also said that food prices are becoming more stable, with fewer seasonal spikes in markets. For example, tomato prices, which usually surge, have remained steady in 2025.
Farmers now complain prices are too low
In a surprising twist, Fasua said some farmers are now complaining about falling food prices, saying it affects their profit margins.
“For the first time in 26 years, we didn’t see the usual tomato scarcity and price hikes,” he added.
Final word: “It’s only a matter of time”
While 20% inflation still hits hard, Fasua insists that continued progress will bring it down to single digits — eventually.
“Inflation doesn’t increase forever. It will go down. It’s just a matter of time,” he said.
