$1 can buy you meal in Nigeria, but $10 can’t in the US – Tinubu’s aide

President Bola Tinubu’s Special Adviser on Economic Affairs, Dr Tope Fasua, has insisted that the Nigerian naira still holds substantial value locally despite its steep depreciation against the United States dollar.

Speaking during an appearance on the Mic On Podcast hosted by Seun Okinbaloye on Saturday, Fasua stated that even at an exchange rate of over N1,500 to $1, the naira retains real purchasing power for many Nigerians.

He explained that global definitions of poverty, especially “multi-dimensional poverty,” are often misunderstood by the public.

“Some people don’t understand the meaning of multi-dimensional poverty.

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“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,” Fasua said.

He further highlighted the disparity in living costs between Nigeria and the United States, noting that even small amounts of money can meet basic needs in Nigeria.

“$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,” he stated.

Using everyday examples to illustrate his point, Fasua said modest meals remain accessible across the country for as little as N1,500.

“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 said.

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