Tofe Fasua, a Special Adviser to President Bola Ahmed Tinubu (Office of the Vice President), has assured Nigerians that the current inflationary pressures are set to plummet dramatically.
This is coming at a time Nigeria faces its highest inflation rate in 28 years, with the annual inflation rate soaring to 33.2% in March 2024.
The surge in prices has been attributed to a sharp fall in the local currency and the removal of fuel subsidy leading to about 40% increase in food inflation.
Speaking during an interview with Trust TV’s Daily Politics on the current economic situation in the country and the policies of President Tinubu, Fasua expressed confidence in the measures the federal government is putting in place to bring down the inflationary curve.
He said that looking at happenings in other parts of the world, Nigerians needed to be more patient as things gradually stabilised.
He said, “Unfortunately, we are now totally exposed. We have seen what’s happening on the other side of the world. We are not eager to wait for our country to get to that point. We are ready to say ‘You know what? Let’s bring it all down even before it gets an opportunity.’
“I can also assure you that in a very short period of time, we are going to see the positive impact. When inflation begins to drop in Nigeria, it’s going to drop like a rock; I predict.
“You can see it all around us now, all the prices are going down. Now what is inflation? Inflation is the marginal increase in prices. We will come to a point where you will find it difficult to see any marginal increase in prices.”
