Dr. Tope Fasua, Special Adviser on Economic Affairs to President Bola Tinubu, has clarified his recent remarks regarding Nigeria’s economy, the naira’s value, and the country’s poverty levels.
Fasua addressed the controversy surrounding his defense of the naira, which continues to weaken against the dollar.
In an interview with PUNCH Online on Sunday, Fasua had stated that despite the exchange rate of over N1,500 to $1, it is still possible to buy a meal in Nigeria, unlike in the United States.
He reiterated this viewpoint during an appearance on Arise TV on Tuesday, acknowledging the country’s poverty but asserting that N1,500 (roughly $1) could still cover a meal in parts of Nigeria.
“Nobody is denying the existence of poverty in Nigeria, but I received videos from individuals in Lagos to Maiduguri showing they could eat for N1,500,” Fasua said. “For those on minimum wage, making tough choices is a daily reality.”
He also recounted his experience during a recent visit to a restaurant in Lekki, Lagos, where he found that N2,500 was sufficient to purchase a meal.
“I was at Black Bell in Lekki, and someone could eat for N2,500,” he said. “Even in Lekki Phase 1, you can find affordable options. I was surprised.”
While acknowledging the challenges faced by many Nigerians, Fasua emphasized that his statement was not intended to belittle those suffering from poverty.
“Saying N1,500 is a lot of money isn’t mocking anyone. It’s just a fact that for many Nigerians, it’s a significant amount,” he explained.
Fasua also spoke about the growing economic inequality in Nigeria, calling for action from both the public and private sectors.
He recognized that the economic impact of the COVID-19 pandemic is still being felt, and recovery may take decades. “The inequality is widening, and post-COVID, we might need 10 to 20 years to fully recover,” he concluded.
