…FG’s inflation promise, fake —PDP
…Demands jobs, power, stable Naira
•FG can only achieve single-digit inflation through data manipulation —Onyekpere •Economic fundamentals are not favorable to achieve single digit inflation —Prof. Nwokoma •Single-digit inflation aspiration tall order —CPPE
By Peter Egwuatu, Assistant Business Editor, Luminous Jannamike, Gabriel Ewepu, Rosemary Iwunze, Elizabeth Adegbesan
THE Presidency has assured Nigerians that inflation rate in the country was heading towards a single digit and would translate to better living conditions for the masses.
Special Adviser to the President on Economic Matters, Tope Fasua, who gave the assurance, as guest on Channels Television’s The Morning Brief yesterday, also said the drop in the inflation rate has impacted on prices of food items, which were beginning to ease. The assurance followed the headline inflation data just released by the National Bureau of Statistics, NBS, which said inflation rate eased to 20.12 per cent in August 2025, compared to the July 2025 rate at 21.88 per cent.
Fasua, who also reacted to former vice president, Atiku Abubakar’s recent claim that Nigerians were dying from hunger daily, said further: “Former Vice President, Atiku Abubakar, merely made a political statement which is expected at this time because he’s trying to see how he can wangle himself back to the presidency and I don’t comment on political things.
“He doesn’t have to commend the current government for the achievement, but the rest of us just need to stick with the black and white “A 20.12 inflation is still large in many quarters because what it says is that prices are still increasing in some quarters, but not as they used to be. It is rebasing. The rebasing came in about six years after it ought to have been done. Our concern should be that our statistics and data should be much more on point and frequent.
“So the rebasing was done, and it gave us the true picture of where we are. So, for every emotional reason, somebody believes that we should still be around 30 per cent. Well, that is their own cup of tea. The most important thing is that the rebasing was done several months back, and what we are seeing is then a consistent drop in inflation.
Private Enterprises, CPPE, Dr Muda Yusuf, asserted that the aspiration and target by the government is seen as a “tall order.”
Yusuf said: “The single-digit inflation aspiration is a tall order, is a tall order given what the current economic situation is, but the reality is that we have seen a very good trend of consistent deceleration in the inflation rate, you know, but whether that can come to single-digit by the end of the year, I think that will be difficult, because right now we are talking about the last headline inflation for August is over 20.12 per cent.”
He also queried, “So how do you now move from that 20.12 per cent to less than 10 per cent by the end of the year?
“it is good to be aspirational, but it is a tall order as far as I am concerned.
It’s possible with strict policy implementation – POFAN President
The National President, Potato Farmers Association of Nigeria, POFAN, Chief Daniel Okafor, asserted that it is possible to achieve single digits inflation rate if priority is given to policy implementation.
Okafor said: “It is possible and accessible if all goes well with the policies standard of this present administration. If they can implement half of the policy.
“My problem in this country is not policy or human resources it is only implementation is the key to success.”
Reacting as well, David Adonri, analyst and Vice Executive Chairman at Highcap Securities, said “Soon is a non specific term. It’s interpretation depends on the user’s context. Perhaps, it’s for propaganda and not a claim that should be taken seriously. Barring any manipulation of statistics to suit this purpose, the likelihood of achieving a single digit inflation rate soon in Nigeria is very remote. Rural Insecurity which is the arrowhead of the propellants of inflation is getting worse. Many other cost factors are not decelerating.
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