“N2,500 Can Still Get You a Meal in Lekki” — Tinubu’s Aide Says Naira Still Holds Value Despite Hardship

Tope Fasua, Special Adviser on Economic Affairs in the Office of the Vice President, has defended his recent remarks on the value of the naira, asserting that despite economic challenges, the currency still retains purchasing power for many Nigerians.

Speaking on Arise TV following criticism of an earlier interview, Fasua clarified that his comments were not intended to downplay the severity of poverty in the country. Instead, he aimed to illustrate how local spending power differs from international perceptions. “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 explained.

Fasua noted that in various parts of the country, including Gwarinpa and Maiduguri, meals could still be found for as low as N1,500. He also shared a recent personal experience at a restaurant in Lekki, Lagos, where he observed meals being 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 Phase 1,” he said.

He stressed that acknowledging N1,500 as a significant amount for many Nigerians was not a mockery, but a reflection of the economic reality for those living on the margins. “If you gave a security guard N1,000 today, he would appreciate it and likely buy a meal with it,” he said.

Fasua concluded by calling for greater action from both government and the private sector to address rising inequality and ensure more inclusive economic opportunities.