N2,500 for a Meal in Lekki’: Tinubu’s Aide Stands By Naira’s Value Amid Backlash

Dr. Tope Fasua, President Bola Tinubu’s Special Adviser on Economic Affairs, has defended the value of the naira amidst ongoing discussions about its weakness compared to the dollar. Fasua addressed the controversy surrounding his earlier remarks on the economy during an interview on Arise TV on Tuesday.

The economist, who sparked backlash for claiming that the naira’s current value can still provide affordable meals in Nigeria, clarified that while the naira might be weak against the dollar, it still has purchasing power within the country. Fasua stated that with N1,500 (approximately $1), one can still purchase a meal in certain parts of Nigeria, highlighting how it contrasts with the situation in the United States, where $1 wouldn’t go as far.

Acknowledging the presence of poverty in Nigeria, Fasua emphasized that his statement was not intended to ignore the challenges faced by many Nigerians but rather to highlight that N1,500 can still provide for some basic needs. He pointed out that, based on his recent experience, even in high-cost areas like Lekki, Lagos, N2,500 could still buy a meal.

“I was somewhere in Lekki yesterday, precisely at Black Bell, and I saw that someone could eat for N2,500. Even in Lekki Phase 1, N2,500 can buy a meal,” Fasua said. He added that despite the economic hardships many face, his aim was not to mock but to offer an empirical view of the situation.

Fasua, who further acknowledged that many Nigerians are struggling, also emphasized the importance of tackling economic inequality. He discussed the long-term impact of the COVID-19 pandemic on the economy, stating that recovery from such a global crisis could take decades.

In closing, Fasua urged both the private and public sectors to work towards reducing inequality, asserting that measures need to be taken to ensure a more equitable economic environment for all Nigerians.

Fasua’s comments have sparked further debate, with some agreeing with his insights while others continue to criticize the ongoing economic difficulties faced by ordinary Nigerians.