Tinubu’s Aide Defends Naira Value Amid Backlash (Video)

President Bola Tinubu’s Special Adviser on Economic Affairs, Dr. Tope Fasua, has addressed the backlash trailing his remarks about the value of the naira and the cost of food in Nigeria.

Fasua, an aide to President Tinubu on economic matters had defended the value of the naira asserting that despite the naira’s current exchange rate of over N1,500 to the US dollar, Nigerians can still purchase a decent meal with N1,500—equivalent to just one dollar—unlike in the United States.

The comment sparked widespread criticism, with many interpreting it as downplaying the country’s deepening poverty.

However, in a new interview on Arise TV, the economist clarified his stance, insisting that his words were misinterpreted. He explained that his intention was never to trivialize poverty, but rather to shed light on the reality that, even amid economic hardship, affordable meals can still be found across Nigeria.

“I wasn’t denying poverty,” Fasua said. “My point was that, even though N1,500 is now equivalent to $1, people in different cities—Lagos, Maiduguri, Kano—have shared videos showing meals they bought with that amount.”

He shared a personal example to reinforce his point: “I recently ate at a restaurant in Lekki, and a full meal cost me N2,500. That’s in one of the most expensive parts of Lagos. So yes, food is still accessible in some places.”

Fasua also emphasized that his comment was never intended to mock struggling Nigerians. “We must understand how serious poverty has become. N1,500 is a lot of money for millions of people. Even giving someone N1,000 today could change their entire day,” he added.

He urged both the government and private sector players to focus on addressing the growing wealth gap in the country, warning that rising inequality could worsen if not tackled urgently.

Fasua further noted that Nigeria, like many other countries, is still dealing with the long-term economic fallout of the COVID-19 pandemic. “We may not fully recover for decades,” he said, adding that global political decisions, including those made under leaders like former U.S. President Donald Trump, continue to shape economic outcomes worldwide.

Watch the video below;

His comments come at a time when Nigerians are grappling with high inflation, rising food prices, and economic uncertainty, placing pressure on government officials to provide solutions that go beyond political rhetoric.
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