Presidency clarifies remarks on Naira value, poverty

Abdullateef Fowewe

Special Adviser to President Bola Tinubu on Economic Affairs, Tope Kolade Fasua, has addressed the controversy surrounding his recent remarks on the naira’s value and poverty in Nigeria, offering further clarification on the issue.

Earlier reports on Sunday quoted Fasua as defending the naira despite its sharp depreciation against the US dollar.

He noted that even though $1 now exchanges for over N1,500, it is still possible to purchase a meal in Nigeria—something not feasible in the United States.

Speaking during an interview with Arise TV on Tuesday, Fasua acknowledged the widespread poverty in Nigeria.

However, he stressed that in many parts of the country, N1,500 (approximately $1) can still provide a decent meal for an individual.

He said, “As against those that have been misquoting and sensationalising, 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.

“If you’re earning minimum wage and you’re struggling in life, you know, you have to make choices like that.

“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

“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.

“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.

“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.”