Inflation will drop to single digit in Nigeria — Presidency

The Presidency has expressed assurance that Nigeria’s ostentation complaint volition soon autumn to a azygous digit, a improvement it says volition amended surviving conditions for citizens.

Special Adviser to the President connected Economic Matters, Tope Fasua, stated this connected Tuesday connected Channels Television’s The Morning Brief successful absorption to the National Bureau of Statistics (NBS) reporting that header ostentation dropped to 20.12 per cent successful August 2025, compared to 21.88 per cent recorded successful July.

Fasua noted that the diminution successful ostentation has already begun to impact nutrient prices successful the markets.

Responding to erstwhile Vice President Atiku Abubakar’s caller disapproval that Nigerians were dying of hunger, Fasua dismissed the remark arsenic political.

“Former vice president, Atiku Abubakar, simply made a governmental connection which is expected astatine this time, due to the fact that he’s trying to spot however helium tin wangle himself backmost into the presidency, and I don’t remark connected governmental things.

“He doesn’t person to commend the existent authorities for the achievement, but the remainder of america conscionable request to instrumentality with the achromatic and white.

“A 20.12 ostentation is inactive ample successful galore quarters due to the fact that what it says is that prices are inactive expanding successful immoderate quarters, but not arsenic they utilized to be. It is rebasing. The rebasing came successful astir six years aft it ought to person been done. Our interest should beryllium that our statistic and information should beryllium overmuch much connected constituent and frequent.

“So the rebasing was done, and it gave america the existent representation of wherever we are. So, for each affectional reason, idiosyncratic believes that we should inactive beryllium astir 30 per cent. Well, that is their ain cupful of tea. The astir important happening is that the rebasing was done respective months back, and what we are seeing is past accordant driblet successful inflation.

“Inflation does not summation forever, not successful immoderate country. We person Ghana adjacent to us, with ostentation up to 40 per cent. Today, their ostentation is trending down to a azygous digit.

“Nigeria’s ostentation volition get to a azygous digit arsenic well; it’s a substance of time.

“Pakistan’s system experienced ostentation of up to 40 per cent immoderate 2 years ago. Today, they are battling deflation, which is adjacent a bigger contented due to the fact that erstwhile determination is nary inducement for radical to nutrient much goods themselves, everything goes down again.

“Nigeria’s ostentation volition surely spell to a azygous digit. Besides, that’s not the lone affirmative happening we tin see,” helium noted.

Fasua besides pointed to the caller stableness of the naira and rising crude lipid prices arsenic further indicators of progress.

“Yesterday, the naira traded astatine immoderate point, N1,497/$1. For the archetypal clip successful similar 8 months, we person clocked the N1,400 region, and that’s remarkable,” helium said.

“And if we look astatine wherefore the ostentation is reducing, for anybody that cares to know, of course, crude is 1 of our cardinal drivers of inflation. The speech complaint is besides different cardinal driver. The speech complaint has stabilised, and it’s really via marketplace forces.

“The crude prices are besides increasing. A precise respected root I respect successful the agriculture sector, told maine that for the archetypal clip successful 26 years, this year, we did not person the accustomed recourse astir herb prices soaring and shortages. Some farmers are adjacent complaining that the authorities is present crashing nutrient prices to marque it impact their businesses negatively.

“Nigerians, including these farmers, are enjoying the driblet successful nutrient prices due to the fact that they are overmuch much stable.”

The station Inflation volition driblet to azygous digit successful Nigeria — Presidency appeared archetypal connected Vanguard News.