Tinubu’s Economic Adviser Claims Naira Still Packs a Punch Locally: ‘$1 Can Buy a Meal’

As the naira continues its slide against the U.S. dollar, trading at over ₦1,500 to $1, President Bola Tinubu’s Special Adviser on Economic Affairs, Dr. Tope Fasua, is pushing back against the gloom. In a recent appearance on MIC Podcast Fasua argued that the naira’s local purchasing power remains a bright spot for Nigerians, even as inflation bites.

“Everyone’s obsessed with exchange rates, but that’s only half the story,” Fasua said. “In the U.S., $1 barely gets you a snack. Here? It’s enough for a solid meal.” He highlighted how $10 roughly ₦30,000 might not cover a sandwich stateside but goes much further in Nigeria. “Take Gwarinpa, for example. ₦1,500 can get you boli and fish if you know the spots,” he added.

Fasua’s comments aim to shift the narrative from the naira’s global weakness to its domestic resilience. He also took on misconceptions about poverty, explaining that “multidimensional poverty” a metric used worldwide doesn’t always mean starvation. “It could just mean a school or clinic is too far, not that you can’t eat,” he clarified.

But not everyone’s buying it. With inflation squeezing wallets and the cost of living climbing, Fasua’s optimism has sparked a firestorm online. Critics argue it glosses over real struggles, accusing the Tinubu administration of dodging accountability for economic woes. Supporters, though, see it as a reminder of Nigeria’s unique economic context.

The debate comes at a pivotal moment, as Nigerians wrestle with a volatile currency and shifting realities. Whether Fasua’s take holds water or fuels more backlash remains to be seen.