Tope Fasua: Naira still holds value — N2,500 can get you a meal in Lekki

Tope Fasua, special adviser on economic affairs in the office of the vice president, says concerns over naira value and poverty are misunderstood.

Fasua was clarifying an earlier remark made during a weekend interview, where he said the naira may seem weak against the dollar.

“A dollar 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,” he had said.

“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.”

However, in a separate interview aired on Arise TV on Tuesday, Fasua said he was not dismissing hardship but noted N1,500 can still provide meals in some parts of Nigeria.

“As against those that have been misquoting and sensationalizing, nobody is saying that there’s no poverty in Nigeria,” he said.

“In fact, luckily for me, I got people sending videos from Lagos to Maiduguri, showing that they actually ate for 1,500 yesterday.

“If you’re earning minimum wage and you’re struggling in life, you know, you have to make choices like that.”

The presidential aide also recounted visiting an eatery in Lekki, Lagos state, where he discovered food was sold for N2,500.

“I was somewhere in Lekki yesterday, precisely Black Bell. I saw that someone could eat for N2,500 even in Lekki Face 1,” Fasua said.

“I mean, I didn’t know where to go. Someone just took me there because I had another interview.

“So, yes, people can’t afford that, I agree. But I think that empirically speaking, my statement was correct. I said something, I said 1,500 is a lot of money to a lot of Nigerians.

“And 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.

“If you are leaving this place now and you gave the security guy 1,000, he will appreciate you. He will have a meal on that. I’m saying that a lot of Nigerians are in that category.”

Highlighting the country’s economic imbalance, Fasua urged both the private and public sectors to take action against the rising inequality.