Dr. Tope Fasua, the Special Adviser on Economic Affairs to President Bola Tinubu, has clarified his previous statements regarding the value of the naira and poverty in Nigeria, addressing the controversy they generated.
It was reported on Sunday that Fasua had defended the naira’s local purchasing power despite its weakness against the dollar, arguing that $1, which is equivalent to over N1,500, can still buy a meal in Nigeria, unlike in the United States.
In a Tuesday interview on Arise TV, Fasua stated that he is not denying the existence of poverty in Nigeria.
Read Also: $1 Can Buy You Meal In Nigeria, Unlike In US – Tinubu’s Aide Defends Naira’s Purchasing Power Despite Low Exchange Rate To Dollar
He clarified that his point was that 1,500 Naira (approximately $1) can still provide a meal for someone in certain regions of the country.
He further illustrated this with a personal experience from a restaurant visit in Lekki, Lagos, where he found a meal priced at N2,500.
While acknowledging the difficulties many Nigerians face, Fasua emphasized that his comments were not meant to belittle the challenges of those living in poverty.
In his remarks, Fasua also highlighted the issue of economic inequality in Nigeria, stressing the need for both the private and public sectors to take proactive measures.
He also discussed the long-term economic consequences of the COVID-19 pandemic, suggesting that the global economy may take decades to fully recover from its impact.
See video below:
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