Presidential Aide Tope Fasua clarifies remarks on Naira value, poverty in Nigeria

Tope Fasua, economic adviser to Nigeria’s vice president, clarified his recent remarks on the naira’s value and poverty.

He stressed his comments aimed to highlight economic complexities, not dismiss citizens’ struggles.

During an Arise TV interview, Fasua acknowledged the naira’s weakness against the dollar but emphasized its domestic purchasing power.

He compared living costs, noting $10 barely buys lunch in the U.S. but equals N30,000 locally.

“In Gwarinpa, meals like roasted plantain and fish cost N1,500,” Fasua explained.

Critics accused him of downplaying hardship, but he countered: “No one denies poverty exists.”

He recognized minimum-wage earners face tough choices daily.

To support his claims, Fasua shared videos from Lagos to Maiduguri showing affordable meals.

He cited a N2,500 lunch at Lekki’s Black Bell Eatery, urging context in discussions.

“Empirically, N1,500 matters greatly to many,” he said, stressing economic disparities.

Over 133 million Nigerians endure multidimensional poverty, yet small sums still hold value.

Fasua illustrated this by referencing security guards grateful for N1,000 tips.

“That money feeds them,” he noted, highlighting stark inequality.

While defending his statements, he called for urgent public-private collaboration to bridge gaps.

“We must address why N1,500 means survival for some and insignificance for others,” he urged.

His remarks sparked debates on balancing exchange rates with domestic realities.

Critics argue inflation erodes purchasing power, but Fasua insists localized solutions matter.

“Policymakers must prioritize inclusive growth,” he said, advocating targeted subsidies and grassroots support.

Meanwhile, food inflation hit 40% in May, squeezing households further.

Fasua’s examples reveal Nigeria’s paradox: a weakened currency still sustains millions, yet systemic flaws persist.

He urged citizens to demand accountability while acknowledging progress.

“Small businesses thrive in corners; we must amplify them,” he added.

The naira’s volatility remains a concern, but Fasua believes domestic resilience offers hope.

Ultimately, his message underscores Nigeria’s dual economic reality—global pressures versus local adaptability.

While the naira struggles internationally, its role in daily survival cannot be ignored.

Fasua’s call for balanced policies resonates as millions still battle daily survival amid rising costs.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook