President Bola Tinubu’s Special Adviser on Economic Affairs, Dr Tope Fasua, has defended the value of the naira locally despite its weakness against the dollar, saying that $1, equivalent to over N1,500, can still buy a meal in Nigeria.
Fasua, who spoke on the Mic On Podcast hosted by Seun Okinbaloye on Saturday, also addressed how poverty is measured globally, saying many Nigerians misunderstand what is termed “multi-dimensional poverty.”
He said, “Some people don’t understand the meaning of multi-dimensional poverty.
“They think multi-dimensional poverty is worse than food poverty. What multi-dimensional means is that maybe the school your children attend is too far from you, or the hospital, and they categorise you as multi-dimensional.”
He argued that while the naira may appear weak when compared to the dollar, its purchasing power remains strong in local contexts.
“$1 is N1,500 – it’s a lot of money for many people in Nigeria. $10 won’t buy you lunch anywhere in the US, sometimes you need at least $20, that is N30,000 in Nigeria,” Fasua stated.
Offering examples from everyday life, Fasua added, “I will tell you what you can do with $5 – that is N7,500 – if you are not going to eat in some highbrow places. In Gwarinpa, there are some people that sell Boli and fish and you will eat for N1,500. If you know where you are coming from.
Okiki Adeduyite