Earning N1,500 daily is a whole lot of money’ for many Nigerians– Tinubu’s presidential adviser, Fasua
Dr Tope Fasua, President Bola Tinubu’s Special Adviser on Economic Affairs, stated this during a recent episode of the Mic On Podcast.
The administration of President Bola Tinubu has stated that earning ₦1,500—approximately $1—per day is “a lot of money” for many Nigerians, arguing that it is sufficient to afford decent meals, despite the rising cost of living nationwide.
Dr Tope Fasua, President Bola Tinubu’s Special Adviser on Economic Affairs, stated this during a recent episode of the Mic On Podcast.
“$1 is N1,500. Earning $1 per day, that is a lot of money for many Nigerians,” Fasua declared confidently as he attempted to downplay growing concerns over the country’s worsening economic crisis under President Tinubu’s leadership.
He continued: “That takes us to purchasing power parity, and that is what we should look at. $10 won’t buy you lunch anywhere in the US. You need at least $20. That is about N30,000. But I can tell you what you can do with $5, that is N7,500 in Nigeria.”
“If you are not going to eat at eateries or high-brow places, there is a lot it can do,” he claimed.
“In Gwarinpa, there are people that sell, just like in Port Harcourt, Boli (roasted plantain) and fish on the roadside. You will eat for N1,500, if you know where you are coming from.”
He then turned to global comparisons, apparently attempting to justify Nigeria’s poverty level.
“There is nowhere in the world where people don’t suffer. There is no economy that you will not find people that are suffering,” he said.
Fasua went further to suggest that Nigeria’s social structure makes poverty more bearable.
“In fact, in Nigeria, because of what we call social capital… Here is a place where you could go and stay with your brother or your sister, get something to eat and so on. You could even stay with them for a few months,” he said.
“Abroad, when you are down on a house, you miss your rent, and you don’t have a job, and they kick you out.”
He dismissed global poverty metrics used to determine the number of Nigerians living in extreme poverty, arguing that they don’t apply in the local context.
“We are not going to take every statistic like the one that says Nigerians must earn $2 per day and that is when to determine who is poor,” Fasua said.
“In villages of Nigeria, you don’t even need one dollar to survive a day when you have your farm, and you can actually eat something, and you are okay.”
Fasua’s comments come at a time when Nigeria is facing unprecedented hardship, with food inflation hitting record highs, the naira plummeting, and unemployment risin
