Dr. Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs, has addressed misconceptions surrounding poverty metrics in Nigeria, emphasizing the local value of the naira despite its steep exchange rate against the dollar. Speaking on the MicOnPodcast with Seun Okinbaloye, Fasua explained that many Nigerians misunderstand “multi-dimensional poverty,” which includes factors like access to education and healthcare, not just food insecurity.
He stressed that while $1 equals N1,500, the naira still holds considerable purchasing power locally. “$10 won’t buy you lunch anywhere in the U.S. – you may need at least $20, which is N30,000,” he said. Fasua gave relatable examples, citing that in places like Gwarinpa, a decent meal of Boli and fish could cost as little as N1,500. “If you know where you are coming from, you’ll understand the difference in living standards,” he added.
Fasua’s remarks come amid rising concerns over inflation and the naira’s depreciation, offering a broader perspective on local economic resilience compared to international standards.
Source: Swifteradio.com
