In a statement that has ignited widespread backlash and renewed concerns about the federal government’s grasp of Nigeria’s economic realities, Dr. Tope Fasua, Special Adviser on Economic Affairs to President Bola Ahmed Tinubu, claimed that earning just N1,500—roughly $1—per day is “a lot of money” for many Nigerians.
Fasua made this controversial assertion during a recent appearance on the Mic On Podcast, where he attempted to defend the administration’s economic policies amid a growing cost-of-living crisis that has pushed millions further into poverty.
> “$1 is N1,500. Earning $1 per day—that is a lot of money for many Nigerians,” Fasua said with striking confidence, dismissing the mounting frustration among citizens grappling with soaring food prices, crumbling infrastructure, and a depreciating currency.
Trying to justify his claim, Fasua leaned on purchasing power parity (PPP) comparisons between Nigeria and developed countries.
> “$10 won’t buy you lunch anywhere in the US. You need at least $20—that’s about N30,000. But I can tell you what you can do with $5—N7,500—in Nigeria,” he added.
> “If you are not going to eat at high-brow eateries, that money can go far. In places like Gwarinpa or Port Harcourt, you can find roasted plantain and fish on the roadside and eat well for N1,500—if you know where to look,” he said.
Fasua further downplayed global poverty benchmarks, suggesting that Nigeria’s unique social structure makes poverty more tolerable.
> “In Nigeria, because of what we call social capital, you can live with your brother or sister, eat and even stay with them for months. Abroad, when you miss your rent, you’re kicked out into the streets,” he said.
He challenged the validity of international metrics used to assess poverty levels, dismissing the widely accepted $2-per-day threshold.
> “We’re not going to accept every statistic that says Nigerians must earn $2 per day to be considered poor,” he declared. “In many Nigerian villages, you don’t even need a dollar to survive when you have a farm and can feed yourself.”
Fasua’s remarks come at a time of economic turmoil. Nigeria’s inflation rate has soared to record levels, with food prices increasing at an alarming pace. The national currency, the naira, continues to weaken against the dollar, and unemployment has reached new heights. For many Nigerians, his comments reflect a troubling disconnect between the political elite and the lived realities of the average citizen.
Social media exploded in outrage following the podcast, with critics accusing the Tinubu administration of being out of touch, insensitive, and dismissive of the hardship engulfing millions.
An X user wrote: “This is how low the bar has been set. A presidential adviser saying that N1,500 a day is ‘a lot’ while lawmakers earn millions monthly. Is this the ‘renewed hope’ we were promised?”
Analysts warn that such statements could further alienate the masses from a government already facing growing criticism over its handling of the economy.
As Nigeria grapples with its worst economic crisis in decades, many are left wondering: if N1,500 a day is considered “a lot” by those in power, what hope is there for meaningful economic transformation?
PIONEER NEWS 