Tope Fasua, Special Adviser on Economic Affairs to President Bola Tinubu (Office of the Vice President), has come to the defense of the federal government’s economic management, dismissing criticisms from former Vice President Atiku Abubakar in light of the recent inflation data released by the National Bureau of Statistics (NBS).
Fasua characterized Atiku’s comments as politically driven, emphasizing that inflation rates do not perpetually rise without eventual decline.
During an interview on Channels Television’s morning program, ‘Morning Brief,’ Fasua addressed Atiku’s assertion that Nigerians are “starving despite the economy’s rebasing.”
Atiku had contended that even those surviving are struggling immensely, arguing that official statistics fail to capture the true hardships faced by the populace.
However, Fasua rebutted these claims, labeling them as politically motivated rhetoric.
“Former Vice President Atiku Abubakar’s remarks are clearly political maneuvers, which is expected during this period as he seeks to position himself for a presidential comeback,” Fasua stated.
“While I typically avoid engaging in political debates, the facts must be acknowledged. He need not praise the current administration’s achievements, but we must rely on concrete data and evidence.”
The presidential aide highlighted that Nigeria’s headline inflation rate, which decreased to 20.12 percent in August 2025 from 21.88 percent in July, remains elevated but signals progress.
“An inflation rate of 20.12 percent is still significant, indicating that prices continue to rise, albeit at a slower pace than before. This adjustment is partly due to the rebasing exercise, which was overdue by six years,” he explained.
Fasua underscored that the rebasing has provided a more accurate representation of the country’s economic status.
“Our priority should be to ensure that statistical data is precise and updated regularly. The rebasing has clarified our economic position. If anyone emotionally insists inflation should be around 30 percent, that’s their perspective. The key point is that since the rebasing several months ago, inflation has consistently declined.”
He further emphasized that inflationary trends are not permanent, drawing on international examples to support his viewpoint.
“Inflation does not perpetually escalate in any nation. Take Ghana, for instance – it once faced inflation rates near 40 to 42 percent, but now it has successfully reduced inflation to single digits. Nigeria is on a similar path; it’s only a matter of time before we achieve comparable results.”
Fasua also compared Nigeria’s situation with other countries facing similar economic challenges.
“Pakistan’s economy, which shares many similarities with Nigeria’s, experienced inflation rates around 40 percent two years ago. Currently, they are grappling with deflation, which presents its own challenges as it discourages production and economic growth.”
He concluded by affirming that “empirical data” validates the effectiveness of the government’s economic reforms and expressed confidence that Nigeria will soon witness inflation rates easing into single digits, aligning with global trends.
