Tinubu’s Aide Defends Claim That $1 Is Still Valuable In Nigeria

Special Adviser on Economic Affairs to President Bola Tinubu, Tope Fasua, has reaffirmed his stance on the purchasing power of $1 in Nigeria, arguing that it remains a significant amount despite widespread criticism.

In a recent interview with Seun Okinbaloye, Fasua addressed misconceptions about multi-dimensional poverty, a key factor in global poverty assessments.

He maintained that while the naira-dollar exchange rate remains high, the local currency’s purchasing power within Nigeria cannot be directly compared to living costs in the United States.

His comments triggered backlash, with many Nigerians accusing him of downplaying the severity of poverty and hunger in the country.

However, speaking on Arise Television on Tuesday, April 8, 2025, Fasua stood by his argument, insisting that $1—currently equivalent to N1,500—can still provide sustenance in Nigeria, whereas in cities like New York, it would barely buy anything.

“Purchasing power parity analysis is actually a bit discredited because, culturally, the idea is to compare what people buy in one country with what they buy in another. But culturally, people have different choices. There’s no amala on the streets in New York, for example, so you have to do something different.

“They even have this burger analysis, but only our children eat burgers. I don’t. I’m not a fan. So, the whole idea was to say that, indeed, $1 is still valuable in Nigeria, whereas in a place like New York or a place like the US, you’d have to struggle to get anything with it. You’ll struggle, indeed,” he explained.

Fasua further argued that Nigeria should move away from internationally defined poverty benchmarks and develop its own metrics that better reflect the country’s unique economic and cultural realities.

“That’s why the analysis came that when we’re talking about the issue of poverty, I said, listen, perhaps we need our own indexes beyond the $2 or $2.50 a day that’s been recommended, that the fact that those indices have been recommended doesn’t mean we should take it hook line and sinker, because we know our country, we know our people, we know our culture more than the people recommending,” Fasua added.

He advised the Federal Government to reconsider its reliance on these global standards, suggesting that continued adherence to such metrics only fuels negative narratives about poverty and hunger in Nigeria.