Dr. Tope Fasua, economic adviser to President Tinubu, defended the naira’s local purchasing power, comparing Nigeria’s living costs to the U.S. Speaking on Mic On Podcast, Fasua clarified misconceptions about multi-dimensional poverty and emphasized that $1 can still buy a meal in Nigeria, unlike $10 in America.
Dr. Tope Fasua, the Special Adviser to President Bola Tinubu on Economic Affairs, has addressed misconceptions surrounding the value of the naira and the cost of living in Nigeria compared to the United States. In a recent appearance on the Mic On Podcast hosted by Seun Okinbaloye, Fasua defended the naira's strength, despite concerns about the high exchange rate.
Fasua explained that many Nigerians misinterpret the concept of multi-dimensional poverty, which is often used in global indices. He emphasized that multi-dimensional poverty involves factors beyond just food insecurity, such as lack of access to education and healthcare.
While acknowledging that the naira's value against the dollar has created challenges, Fasua highlighted the affordability of living in Nigeria. "In Nigeria, you can get a decent meal for as little as ₦1,500 ($1), which is a lot more than what you would get with the same amount in the U.S.," he explained. Fasua used local examples like the Gwarinpa area, where vendors offer meals such as boli and fish for affordable prices.
He pointed out that the real purchasing power of Nigerians remains higher locally, making it possible for citizens to enjoy meals and basic services without having to spend much, a stark contrast to the cost of living in countries like the U.S.
Fasua’s comments have sparked conversations about the complexities of poverty measurement and the realities of living in Nigeria.
