Nigerians may soon begin to enjoy significant relief from the high cost of living as the country’s inflation rate continues to drop. The Special Adviser to the President on Economic Matters, Tope Fasua, has expressed strong optimism that Nigeria’s inflation will eventually fall to a single digit, a development he says will make life easier for millions of citizens.

Fasua shared this encouraging forecast during an interview on Channels Television’s The Morning Brief on Tuesday. He explained that the steady reduction in food prices and the stabilisation of the naira are early signs that inflation is already easing.

According to the National Bureau of Statistics (NBS), headline inflation for August 2025 fell to 20.12%, a notable drop from 21.88% recorded in July. This represents a 1.76% decrease compared to the previous month. On a monthly basis, headline inflation stood at 0.74%, while food inflation was recorded at 1.65%. Year-on-year data also shows a sharp slowdown, with August 2025 inflation 12.03% lower than the 32.15% recorded in August 2024, indicating that while prices are still rising, the pace of increases has slowed considerably.

Fasua acknowledged that an inflation rate of 20.12% remains high but pointed out that Nigeria recently underwent a long-overdue statistical rebasing, which now reflects a more accurate economic picture. “Prices are still increasing in some quarters, but not as they used to,” he explained. “Inflation does not rise forever—not in any country.”

To illustrate his point, Fasua cited Ghana, where inflation climbed to nearly 40% but has now trended down toward single digits, and Pakistan, which moved from 40% inflation two years ago to deflation today. He stressed that Nigeria’s economy is on a similar path and that “it’s only a matter of time before our inflation rate also hits a single digit.”

The presidential adviser also dismissed remarks by former Vice President Atiku Abubakar, who recently claimed that Nigerians were “dying from hunger daily.” Fasua described Atiku’s comments as political, insisting that the latest data proves the government’s economic reforms are working.

Beyond inflation, Fasua highlighted other positive indicators. He noted that the naira has strengthened in recent days, trading at around ₦1,497 per dollar, its best performance in eight months. Global crude oil prices are also improving, which supports government revenue and foreign exchange reserves.

Food prices, a key driver of inflation, are showing remarkable stability this year. “For the first time in 26 years, we have not seen the usual spike in tomato prices,” Fasua revealed. He added that some farmers are even complaining that falling prices are affecting their profits, a sign that market forces are helping to ease the burden on consumers.

While challenges remain, the federal government believes that consistent monetary policies, a more stable exchange rate, and improved food production will keep inflation on a downward trend. If this momentum continues, Nigerians could soon experience the economic relief of a single-digit inflation rate—a goal that seemed distant just a year ago.