Nigeria Not a Poor Country, But Faces Inequality Challenges — Presidency

The Presidency has said Nigeria should not be described as a poor country, calling for a shift in national conversation from poverty narratives to addressing inequality and deeper structural economic challenges.

The Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, who spoke on Channels Television on Friday, said: “Nigeria is not a poor country, but we have inequality challenges. We must focus on bridging that gap.”

Fasua stressed that although poverty exists, the emphasis should be on solutions, saying, “The real question is how to solve poverty,” adding that constant focus on poverty “will not allow us to focus on what matters.”

He pointed to signs of liquidity and wealth within the economy, noting that “about N4.6 trillion was raised by banks in this country recently for recapitalisation,” with “about 80 percent of it from this country.”

He also said, “MTN has consistently generated about 40 percent of its profits from Nigeria. This shows there is money in the system.”

Highlighting structural concerns, he stated, “We may have a scenario where many people are making money, many people are poor, so we need to bridge the gap,” while adding that “we also have a problem with informality.”

According to him, “about 70 percent of this economy is informal,” and ongoing tax reforms are intended “so that the money that keeps escaping… will be reckoned with and we can get the revenue to develop the country.”

He urged Nigerians to support fiscal reforms, saying, “Let people pay their taxes… so that we can even out the income inequality in this country.”

Fasua also defended the Federal Government’s 2026 budget, describing it as ambitious. He said, “We should commend Mr. President for thinking big for the people of this country.”

On the N68.32 trillion budget, he explained that “for the first time we’re having about 50 percent capital budget,” adding, “This is a government that is going somewhere.”

Addressing concerns about budget overlaps, he said, “Budget overlaps are not new… once the law has been made, it has to be implemented.”

On borrowing, he dismissed concerns, stating, “Nigeria is not over-borrowed… our debt is sustainably managed.”

Fasua expressed optimism about the country’s direction, saying, “This country has potential for so long, but this is the time,” adding that reforms “will yield results.” He concluded: “It is not going to be a walk in the park… but it is doable.”