President Bola Tinubu’s Special Adviser on Economic Affairs, Tope Fasua, has defended the naira’s local purchasing power despite its steep decline against the US dollar.
Speaking on the Mic On Podcast hosted by Seun Okinbaloye on Saturday, Fasua argued that while the naira currently exchanges at over N1,500 to $1, it remains relatively effective in catering to basic needs within Nigeria.
“$1 is N1,500 — it’s a lot of money for many people in Nigeria,” Fasua said.
“$10 won’t buy you lunch anywhere in the US. Sometimes you need at least $20 — that’s N30,000 in Nigeria.”
Providing everyday examples to support his claim, Fasua noted that meals such as roasted plantain and fish (popularly known as Boli) can still be purchased for as low as N1,500 in parts of Abuja like Gwarinpa.
He stated that while international comparisons might highlight the naira’s weakness, its domestic utility should not be underestimated.
Fasua also addressed the concept of “multi-dimensional poverty,” which he believes is often misunderstood by the public.
“Some people don’t understand the meaning of multi-dimensional poverty,” he said.
“They think it’s worse than food poverty. But it could simply mean that the school or hospital is far from where you live, and that’s why you’re categorized as multi-dimensionally poor.”
The presidential aide’s remarks come at a time when economic hardship, inflation, and currency volatility continue to affect millions of Nigerians.
