Despite the naira’s continued depreciation against the U.S. dollar, President Bola Tinubu’s Special Adviser on Economic Affairs, Dr. Tope Fasua, insists the currency retains substantial purchasing power within Nigeria.
Speaking on the Mic On a Podcast, Fasua argued that while $1 now trades for over ₦1,500, its impact on daily life in Nigeria differs significantly from that in the United States.
“People get fixated on exchange rates but overlook local purchasing power,” Fasua said. “A dollar may not stretch far in the U.S., but here in Nigeria, it can still get you a decent meal.”
He pointed out that while $10 might not cover a basic lunch in the U.S., the equivalent amount, around ₦30,000, provides considerable spending flexibility in Nigeria.
“In places like Gwarinpa, you can get boli and fish for just ₦1,500 if you know where to go,” he added.
Fasua also addressed misconceptions about poverty, noting that multidimensional poverty, measured globally, extends beyond income to factors like education, healthcare, and infrastructure access.
“People assume multidimensional poverty means extreme food insecurity, but often, it simply indicates that a school or hospital is too far away, not necessarily that someone can’t afford to eat,” he explained.
His remarks come amid intense economic debate, as Nigerians grapple with inflation, a weakened naira, and shifting living standards. While Fasua’s comments highlight local affordability, they have triggered mixed reactions online, with some critics accusing the government of downplaying economic hardship.
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