The Special Adviser Tinubu on Economic Affairs, Dr Tope Fasua, has defended the value of the naira locally despite its depreciation against the dollar, stating that $1, or more than N1,500, can still purchase a dinner in Nigeria.
Speaking on the Mic On Podcast on Saturday with Seun Okinbaloye, President Tinubu’s aide, also discussed how poverty is quantified around the world, claiming that many Nigerians have a misconception about what is meant by “multi-dimensional poverty.”
Tinubu’s aide 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 stated that although the naira could seem weak in relation to the dollar, its purchasing power is still high 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” he explained.
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