ABUJA, NIGERIA — The Special Adviser to the President on Economic Matters, Tope Fasua, says he expects Nigeria’s inflation rate to fall to a single digit soon, a development he believes will ease the economic burden on citizens.
Appearing on Channels Television’s The Morning Brief, Mr. Fasua said that food prices were already beginning to drop as inflation eased. His comments follow the recent report from the National Bureau of Statistics (NBS) showing that headline inflation fell for the fifth consecutive month in August to 20.12 per cent, down from 21.88 per cent in July.
Mr. Fasua dismissed claims by former Vice President Atiku Abubakar that Nigerians were “dying from hunger daily” as a “political statement,” adding that data tells a different story.
Citing Economic Indicators
While acknowledging that the 20.12 per cent rate remains high, Mr. Fasua said the figures now reflect a more accurate rebasing of the economy. He compared Nigeria’s progress to that of other countries, stating that Ghana’s inflation had fallen from over 40 per cent to a single digit, a path he believes Nigeria will follow.
Mr. Fasua also highlighted other positive economic indicators, including the strengthening of the naira and improving global oil prices. He noted that the naira had recently traded at around ₦1,497 per US dollar, its strongest point in eight months.
He added that food prices have also become more stable this year. According to a source in the agriculture sector, Mr. Fasua said that for the first time in 26 years, there have been no shortages or soaring prices for tomatoes, a staple in Nigerian cuisine. He said some farmers were even “complaining that the government is now crashing food prices to make it affect their businesses negatively.”
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