The Presidency has reacted to the new report from the National Bureau of Statistics (NBS) showing that Nigeria’s inflation rate has dropped for the fifth month in a row.

Special Assistant to President Bola Tinubu on Policy Coordination, Daniel Bwala, in reaction to the news hailed said the government’s reforms are manifesting.

According to the NBS, headline inflation eased to 20.12% in August, down from 21.88% in July. On a month-on-month basis, the rate stood at 0.74%, marking a slowdown compared to previous months.

Despite the overall moderation, food prices continued to climb, with food inflation rising by 1.65% month-on-month, underscoring persistent pressure on households.

Since 2023, President Tinubu has pursued sweeping reforms, including fuel subsidy removal and the floating of the naira, policies that have been widely criticized for deepening hardship. The government, however, maintains that the short-term pains are necessary for long-term stability.