In a recent appearance on the Mic On Podcast, Dr. Tope Fasua, President Bola Tinubu’s Special Adviser on Economic Affairs, defended the naira’s purchasing power, even amid its weakness against the dollar.
Fasua highlighted that $1, equivalent to over N1,500, could still buy a meal in Nigeria, challenging the narrative that the local currency is failing.
Fasua explained, “Some people don’t understand the meaning of multi-dimensional poverty. They think multi-dimensional poverty is worse than food poverty. What multi-dimensional means is that maybe the school your children attend is too far from you, or the hospital, and they categorize you as multi-dimensional.”
Fasua also pointed out the stark contrast between the cost of living in Nigeria and the United States. “$1 is N1,500 – it’s a lot of money for many people in Nigeria. $10 won’t buy you lunch anywhere in the US, sometimes you need at least $20, that is N30,000 in Nigeria.”
Offering a real-life example, he noted, “If you are not going to eat in some highbrow places, with $5 – that’s N7,500 – you can still have a decent meal in Nigeria, such as Boli and fish for N1,500 in Gwarinpa.”
