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Presidency assures Nigerians inflation will  hit single digit soon

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Tope Fasua, special adviser to the president on economic matters, says Nigerians can expect inflation to fall to a single digit soon.

This, he said will make life easier for the people.

Fasua gave the assurance when he featured on Channels Television’s The Morning Brief on Tuesday.

He explained that food prices are already beginning to drop as inflation eases.

His statement came shortly after the National Bureau of Statistics reported that headline inflation fell to 20.12% in August 2025, down from 21.88% in July.

According to the NBS, the August 2025 inflation rate showed a 1.76% drop compared to July.

On a monthly basis, headline inflation stood at 0.74% in August, while food inflation was 1.65%.

Year-on-year, inflation was 12.03% lower than the 32.15% recorded in August 2024.

The statistics agency explained that while inflation remains, the pace of price increases is slowing compared to previous months.

Reacting to claims by former Vice President Atiku Abubakar that Nigerians were “dying from hunger daily,” Fasua said, “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 into the presidency, and I don’t comment on political things.

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“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.”

Fasua admitted that 20.12% is still high but stressed that the figures now reflect a long overdue rebasing.

He stated, “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 consistent drop in inflation.”

See also  UPDATED: Nigeria’s inflation rate drops to 21.8% despite surge in food prices

He added that inflation never rises forever and pointed to other countries as examples.

“Inflation does not increase forever, not in any country. We have Ghana next to us, with inflation up to 40 per cent. Today, their inflation is trending down to a single digit.

“Nigeria’s inflation will get to a single digit as well; it’s a matter of time.

“Pakistan’s economy experienced inflation of up to 40 per cent some two years ago. Today, they are battling deflation, which is even a bigger issue because when there is no incentive for people to produce more goods themselves, everything goes down again.

“Nigeria’s inflation will certainly go to a single digit. Besides, that’s not the only positive thing we can see.”

Fasua also mentioned that the naira has strengthened in recent days and oil prices are improving on the global market.

He explained, “Yesterday, the naira traded at some point, N1,497/\$1. For the first time in like eight months, we have clocked the N1,400 region, and that’s remarkable.

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“And if we look at why the inflation is reducing, for anybody that cares to know, of course, crude is one of our key drivers of inflation. The exchange rate is also another key driver. The exchange rate has stabilised, and it’s actually via market forces.”

He noted that food prices have also become more stable this year.

“A very respected source I respect in the agriculture sector, told me that for the first time in 26 years, this year, we did not have the usual recourse around tomato prices soaring and shortages. Some farmers are even complaining that the government is now crashing food prices to make it affect their businesses negatively.

“Nigerians, including these farmers, are enjoying the drop in food prices because they are much more stable.”

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Good morning! Nigerian Newspapers Headlines: Obi campaign: OK Movement tackles NDC, Obidients

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1. A fresh disagreement has emerged within the political groups backing Peter Obi’s 2027 presidential ambition, as the United Kingdom Coordinator of the OK Movement, Adebayo Brown, accused leaders of the Nigeria Democratic Congress Presidential Campaign Council and the Obidient Movement of fuelling divisions among supporters.

The accusation followed a disagreement over claims that Obi, the NDC presidential candidate, and his running mate, Rabiu Kwankwaso, had dissociated themselves from the OK Movement.

2. Southwest All Progressives Congress (APC) leaders yesterday resolved to mobilise the six states to give an overwhelming number of votes to President Bola Ahmed Tinubu in the January 16  election. The leaders, who met in Lagos, decided to work assiduously to deliver votes that will surpass what the President got in the 2023 election i

3. The Economic and Financial Crimes Commission has uncovered an illegal oil refinery allegedly operated by Chinese nationals in the Ogere area of Ogun State. The commission said the facility was discovered on Saturday, October 31, 2026, by operatives of its Lagos Zonal Directorate 2 following intelligence and surveillance on the activities of illegal sludge oil refiners.

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4. The National Youth Service Corps has identified four irregularities in a certificate linked to former Minister of Innovation, Science and Technology, Uche Nnaji, insisting that the document was not issued by the corps. An Assistant Director in the NYSC Department of Certification, Yusuf Jumare, disclosed this on Tuesday while testifying as the second prosecution witness in the alleged certificate forgery and money laundering case against Nnaji before the Federal High Court in Abuja.

5. The National Assembly is set to transmit the proposed State Police Bill to President Bola Tinubu for assent after completing the authentication of approvals secured from 28 state Houses of Assembly. The Clerk to the National Assembly, Kamoru Ogunlana, disclosed this in a statement on Tuesday, confirming that the number of state legislatures that had approved the proposed constitutional amendment exceeded the constitutionally required threshold of 24 states.

6. The Ondo State Police Command has uncovered a suspected counterfeit currency production site in Odigbo Local Government Area of the state, arresting one suspect and recovering three bags of suspected fake United States dollar notes. The command said the operation took place on October 29 at Kiniso Village, via Ajue, following investigations into a complaint by a man who allegedly received counterfeit dollars from two men during a currency exchange transaction.

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7. The Department of State Services, DSS, has dismissed allegations by former Vice President and African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, that it is organising protests to disrupt political activities in Sokoto State. The Service said its operatives had been providing security protection to political candidates across party lines, citing the evacuation of the ADC governorship candidate in Sokoto State, Mannir Daniya, during an attack on October 31, 2026.

8. The African Democratic Congress has kept the venue of its presidential campaign rally in Sokoto State secret ahead of Wednesday’s kickoff, citing security concerns amid allegations of attempts to disrupt the event. The party said it was taking precautionary measures to avoid being caught unawares, following reports of a possible plot to frustrate the rally scheduled for November 4.

9. The Lagos State Police Command has uncovered a suspected high-tech indoor cannabis farm at a residential property in Apapa, Lagos State, arresting a Polish national and a Nigerian in connection with the discovery. It was learnt that the suspects were identified as Thomas Razvickas, 49, a Polish national, and James Chisome, 36, a Nigerian. Both reportedly reside at the property where the facility was discovered.

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10. The Director-General of the Department of State Services, DSS, Oluwatosin Adeola Ajayi has set free and approved an initial payment of N20 million to four suspects, out of which each suspect is to receive five million Naira as compensation after being cleared of alleged membership of the proscribed Indigenous People of Biafra, IPOB.

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Tinubu deserves credit for bringing Nigeria back from the brink, says Emir Sanusi 

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The Emir of Kano, Muhammadu Sanusi II, has said that President Bola Tinubu deserves credit for bringing Nigeria’s economy back from the brink, citing improvements in economic growth, inflation, foreign reserves, and export diversification.

Emir Sanusi, who gave the commendation while speaking on Tuesday at the Oxford Global Think Tank conference convened by Arunma Oteh, said the country is beginning to lay the foundations for economic stability, although significant challenges remain.

“I’m not a fan of politicians, but we need to give credit to President Tinubu’s administration for bringing us back from the brink,” he said.

Sanusi, a former Central Bank of Nigeria (CBN) governor, said the economy grew by 4.48 percent in the second quarter (Q2) of 2026, describing the performance as progress compared with the average growth recorded during the administration of former President Muhammadu Buhari.

“GDP in Q2 2026 was at 4.48 percent. It’s not as high as it was under the Yar’Adua/Jonathan government, but during the Buhari years, the economy grew by 0.9 percent. Today it’s at 4.5 percent. That’s progress,” he said.

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Sanusi also noted the decline in inflation from about 30 percent to 14.6 percent, adding that it was projected to fall to 12.5 percent by the end of the year.

He said Nigeria’s gross domestic product (GDP) per capita, measured in dollar terms, had increased by 47 percent since 2023.

According to the emir, “If we continue at this rate, by the end of next year, GDP per capita will be back to where it was in 2005”.

He also cited the country’s foreign reserves, which he put at $55 billion, but cautioned that a significant portion of the inflows was driven by foreign portfolio investments (FPI), which are volatile.

He attributed the continued inflows partly to high oil prices amid the war in the Strait of Hormuz and the attractive returns available to investors in Nigeria.

“Our reserves are at $55 billion, and yes, a lot of it is driven by portfolio flows, which are volatile,” he said.

See also  Nigeria’s inflation rate drops to 18.12%

He said high oil prices and returns on Nigerian investments have encouraged foreign investors to maintain their exposure to the country.

On diversification, Sanusi said “20 percent of Nigeria’s exports were coming from the Dangote refinery”, describing the development as evidence of progress beyond the country’s traditional export sources.

“There are clearly foundations being laid for stability. It’s not the end, but the first step towards stability,” he said.

The emir, however, criticised the Tinubu administration’s communication of its economic policies, saying the government appeared to interpret criticism and suggestions as attacks.

“This government doesn’t express itself properly. It sees every suggestion and contribution it does not like as an attack, and it doesn’t have good spokespersons,” he said.

Despite his reservations about the government’s communication, Sanusi said the administration deserved recognition for the economic gains recorded so far.

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EFCC uncovers illegal oil refinery in Ogun

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The Economic and Financial Crimes Commission (EFCC) says its operatives have uncovered an illegal oil refinery operated by Chinese nationals in the Ogere area of Ogun State.

According to a statement issued on Tuesday by the EFCC’s spokesperson, Dele Oyewale, the facility was discovered on Saturday, October 31, 2026, by operatives of its Lagos Zonal Directorate 2 following intelligence gathering and surveillance of the activities of illegal sludge oil refiners.

Oyewale said the facility was deserted when operatives stormed the premises, following an earlier crackdown on four illegal lithium processing plants in the area.

The operatives discovered waste products from the refining process and underground tanks suspected to have been used for heating and processing sludge oil.

According to the statement, “The Economic and Financial Crimes Commission uncovered an illegal oil refinery operated by Chinese in the Ogere area of Ogun State.

“The operation, conducted on Saturday, October 31, 2026, by operatives of the Lagos Zonal Directorate 2 of the EFCC, followed credible intelligence and surveillance by the Commission on the activities of the illegal sludge oil refiners.

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“The refinery was found deserted when EFCC operatives stormed the premises, following the Commission’s earlier clampdown on four illegal lithium processing plants in the area. However, waste products from the refining process were discovered at the location.”

Oyewale said operatives also discovered underground tanks believed to have been used for heating and processing sludge oil.

“Two of the underground tanks inspected contained substances suspected to be Automotive Gas Oil (AGO), otherwise known as diesel.

“Preliminary investigations revealed that the operators sourced sludge oil, also known as black sludge, from Warri, Delta State, and Port Harcourt, Rivers State, and transported it to the illegal facility in Ogere for processing,” Oyewale added.

He said the operators subjected the sludge oil to intense heat, allowing lighter petroleum components to pass through chambers and filters in a process believed to produce diesel for sale in the Nigerian market.

“Personnel at the facility told EFCC operatives that the Chinese operators never disclosed their identities nor the name of the company behind the facility.

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“Consequently, operatives of the Lagos Zonal Directorate 2 of the EFCC have since taken over the premises as investigations continue to establish the identities of the operators, the ownership of the facility and the full extent of the suspected illegal activities and economic sabotage,” he added.

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