President Bola Tinubu’s Special Adviser on Economic Affairs, Tope Fasua has reiterated his controversial claim about the value of $1 in Nigeria, asserting that the amount remains significant in the country.
In a recent interview with Seun Okinbaloye, Fasua explained that many Nigerians misinterpret the concept of multi-dimensional poverty, which is often used in global poverty indices. Despite the high naira-dollar exchange rate, Fasua emphasized that the purchasing power of the local currency in Nigeria remains noteworthy when compared to the cost of living in the United States.
His comments have sparked backlash, with many Nigerians accusing him of downplaying the country’s severe poverty and hunger. However, Fasua stood by his statement during an interview with newsmen on Tuesday, April 8, 2025. He maintained that, regardless of the nation’s economic situation, $1—which is equivalent to N1,500—is valuable in Nigeria, and that Nigerians could still purchase food with it, unlike Americans living in cities like New York, who would struggle to buy anything with the same amount.
“Purchasing power parity analysis is somewhat discredited because culturally, the idea is to compare what people buy in one country with what they buy in another,” Fasua explained. “But culturally, people have different choices. There’s no amala on the streets in New York, for example, so you have to make different choices. They even have this burger analysis, but only our children eat burgers. I don’t. I’m not a fan. The point is, $1 still holds value in Nigeria, whereas in New York, for instance, you’d be hard-pressed to buy anything with it.”
Fasua further argued that Nigeria should not strictly adhere to international poverty benchmarks. He suggested that the country needs to develop its own poverty indicators, rather than relying on the international standard of $2 or $2.50 a day.
He advised the Federal Government to stop using these internationally recommended measures, as they may be used to mislead Nigerians into believing the nation is faring worse than it actually is in terms of poverty and hunger.
