The Special Adviser to President Bola Tinubu on Economic Affairs, Tope Kolade Fasua, who has recently come under heavy criticism over his comment on the value of the naira compared to a dollar has clarified his recent comments on the naira’s depreciation and poverty in Nigeria, insisting his remarks were misunderstood and sensationalized.
Fasua, who came under criticism over the weekend for stating that a single dollar (currently exchanged for over N1,500) could still buy a meal in Nigeria, said his comments were not meant to dismiss the economic hardship Nigerians are facing.
Speaking during a follow-up interview on Arise TV on Tuesday, Fasua reiterated that he acknowledged the depth of poverty in the country, but stressed that his statement about the purchasing power of N1,500 remains factually accurate in many parts of Nigeria.
“Nobody is saying that there’s no poverty in Nigeria. In fact, luckily for me, I got people sending videos from Lagos to Maiduguri, saying that they actually ate for N1,500 yesterday,” he explained.
There were analysis about the availability of N1,500 as claimed by Fasua saying persons with a minimum wage of 70,000 will not be able to feed on the salary for a whole month if he eats two square meal per day.
The analysis stated that a two square meal for a month will cost 90,000 without the expenses of transportation.
They also argued that many find it very difficult to get 1,500 daily due to the economic challenges associated with the high cost of PMS and exchange rate which has swollen difficulty of turnovers for businesses and traders alike.
According to analysis on X a Nigerians says average job of six hours is around $42 where by 70,000 minimum wage is equals to 2,300 a day.
Fasua argued that while many Nigerians are struggling, the point he made was empirical that N1,500 can still purchase a meal, especially for those earning minimum wage or living under tight financial constraints.
“If you’re earning minimum wage and you’re struggling in life, you have to make choices like that,” he added.
He recounted a recent visit to a restaurant in Lekki Phase 1, Lagos, where he witnessed someone buying a meal for N2,500 further supporting his argument.
“I was somewhere in Lekki yesterday, precisely Black Bell. I saw that someone could eat for N2,500. Even in Lekki Phase 1,” he said. “So, yes, people can’t afford that, I agree. But I think that empirically speaking, my statement was correct.”
Fasua emphasized that his remark “N1,500 is a lot of money to a lot of Nigerians” was not meant to be derogatory but rather a reflection of the harsh realities many citizens face.
“That’s because I acknowledge the fact that a lot of people are down on their luck and poor. So, saying N1,500 is a lot of money is not a mockery of those who see that as a lot,” he clarified.
He concluded by highlighting the economic value of small amounts of money to a significant portion of the Nigerian population.
“If you are leaving this place now and you gave the security guy N1,000, he will appreciate you. He will have a meal on that. I’m saying that a lot of Nigerians are in that category.”
Fasua’s comments come amid growing public frustration over the naira’s free fall and the rising cost of living, with many calling on the government to implement stronger economic interventions.