₦airaland Forum

President Bola Tinubu’s Special Adviser on Economic Affairs, Dr Tope Fasua, has responded to the public debate surrounding the value of the naira and the rising cost of living, offering clarification on comments he made earlier about poverty and food affordability in Nigeria.

Tribune Online reports that Fasua, while speaking during an appearance on the Mic On Podcast hosted by Seun Okinbaloye, stated that even at an exchange rate of over N1,500 to $1, the naira retains real purchasing power for many Nigerians.

The statement, however, has continued to generate varied reactions from Nigerians, with many criticising his stance on the naira’s value.

Clarifying his statement in a recent interview on Arise TV on Tuesday, Fasua defended the purchasing power of the naira within Nigeria, arguing that despite the local currency’s depreciation against the dollar, it can still buy meals in parts of the country.

He maintained that his statement was being misunderstood and taken out of context.

“As against those that have been misquoting and sensationalizing, nobody is saying that there’s no poverty in Nigeria. In fact, luckily for me, I got people sending videos from Lagos to Maiduguri, saying that they actually ate for N1,500 yesterday,” he said.

Fasua explained that even individuals earning the minimum wage are often forced to make difficult decisions based on available resources. “If you’re earning minimum wage and you’re struggling in life, you know, you have to make choices like that,” he added.

Citing a personal example, the presidential aide recalled visiting a restaurant in Lekki where he observed that a meal could still be purchased for N2,500. “I was somewhere in Lekki yesterday, precisely Black Bell. I saw that someone could eat for N2,500. N2,500, even in Lekki Phase 1. I mean, I didn’t know where to go. Someone just took me there because I had another interview,” he recounted.

Addressing criticism that his remarks were dismissive of the country’s economic realities, Fasua insisted his intention was not to downplay poverty but to draw attention to its depth.

“So, yes, people can’t afford that, I agree. But I think that empirically speaking, my statement was correct. I said something, I said 1,500 is a lot of money to a lot of Nigerians,” he stated.

He explained that many Nigerians are living in conditions where even a modest sum like N1,500 can make a significant difference.

“And that’s because I acknowledge the fact that a lot of people are down on their luck and poor. So, saying N1,500 is a lot of money is not a mockery of those who see that as a lot,” he said.

“If you are leaving this place now and you gave the security guy 1,000, he will appreciate you. He will have a meal on that. I’m saying that a lot of Nigerians are in that category,” Fasua added.

Highlighting the issue of widening inequality in the country, Fasua called on both the government and private sector to recognise and act on the growing economic disparity. He also linked the current hardship to the lingering economic effects of the COVID-19 pandemic.

“My reason for shooting on this is to say, that the private sector and even the government sector must be put under pressure to understand that this inequality is increasing as against what it was before,” he said.

“But we can’t rest on our oars. We know there’s a problem already because post-COVID and, you know, when something as cataclysmic as COVID happens, sometimes it takes 10, 20 years for you to come back to,” Fasua explained.

“We’re hoping that President Trump’s experimental governance this time around will not set us back even further,” he said.

[I]I feel so ashamed each time I come across the state-sponsored narratives that have emanated from the South-West over this ‘protest’. Again, the pro-government groups and individuals in the South-West have also shown that Nigeria is a superglued nation! [/i]

For many of these ‘Hallelujah’ groups, it doesn’t matter if Tinubu performs in office or not as long as it is a Yoruba man that is there! They don’t care if or not their man would be leaving behind any legacy.

These are the set of people (very many of them hungry and beggarly), who have taken the “Èmilókán” campaign to a level that no matter how fatuous a government policy is, as long it is Tinubu that initiated it, ‘all true sons and daughters of Yorubaland’ must embrace it!

To them, with that kind of thinking faculty, the hunger in the land is because people lost elections. The inability of farmers to go to their farms because of farmers’/herders’ clashes can be traced to election losers. The floating of the Naira, poor economic policies of the government and the extravagance at all levels of government is all about 2027. Pity!

etokhana:
https://tribuneonlineng.com/video-n2500-can-buy-meal-even-in-lekki-tinubus-aide-defends-naira-value/?fbclid=IwY2xjawJiPC1leHRuA2FlbQIxMQABHvWeEbjcxUgC5O5_cjXADNc2xjk9jw-GDCXbhdM-tYvby_d8ZJ_Uz5rQ8S4S_aem_h6Ixe9wXCZfzppHq57F6rQ

malali:
Dr Tope Delulu

Your argument is absurd and utterly detached from the reality of most Nigerians. Claiming that N1,500 still holds significant purchasing power is laughable. Yes, N1,500 might get you a meal in some parts of Lagos, but that’s in affluent areas like Lekki, not the rest of Nigeria where this amount barely covers transportation costs.

Your suggestion that minimum wage earners should be able to survive on N1,500 is a gross misrepresentation of reality. With inflation soaring, a minimum wage of N30,000 is inadequate for basic needs, let alone a decent meal. Fasua’s condescending remarks about “making difficult choices” ignore the crushing poverty that millions face.

His example of giving N1,000 to a security guard, while quaint, doesn’t change the fact that systemic poverty is rampant. It’s a cheap, feel-good gesture that doesn’t tackle the real issue.

The comparison to President Trump’s governance is nonsensical. Fasua is trying to deflect blame for Nigeria’s woes onto global events and leadership styles, while ignoring that the problem is domestic mismanagement. His “post-COVID recovery” excuse is just a lazy cover-up for ineptitude.

In short, Fasua’s views are a delusional attempt to sugarcoat Nigeria’s dire economic situation. His statements are more about deflection than addressing the real issues of poverty, inequality, and economic collapse.




After introducing poverty , now they are weaponizing it.

etokhana:
https://tribuneonlineng.com/video-n2500-can-buy-meal-even-in-lekki-tinubus-aide-defends-naira-value/?fbclid=IwY2xjawJiPC1leHRuA2FlbQIxMQABHvWeEbjcxUgC5O5_cjXADNc2xjk9jw-GDCXbhdM-tYvby_d8ZJ_Uz5rQ8S4S_aem_h6Ixe9wXCZfzppHq57F6rQ