$10 Won’t Buy You Lunch in the U.S., but $1 Can Get You a Meal in Nigeria – Tope Fasua, Tinubu’s Economic Adviser

Dr. Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs, has shed light on the complexities of poverty measurement while defending the purchasing power of the naira in local terms, especially in comparison to the U.S. dollar.

Speaking on the Mic On Podcast hosted by Seun Okinbaloye, Fasua addressed common misconceptions around multi-dimensional poverty, a key metric often used in global poverty assessments.

“Some people don’t understand the meaning of multi-dimensional poverty,” he said. “They think it’s worse than food poverty. What it really means is that maybe your child’s school or the nearest hospital is too far from you, and that counts as a dimension of poverty.”

Fasua emphasized that while the exchange rate may seem alarming—currently around N1,500 to $1—the naira still holds considerable value within Nigeria when it comes to day-to-day living expenses.

“$1 is N1,500 – that’s a lot of money for many people in Nigeria. In the U.S., $10 might not even buy you lunch. Sometimes, you need at least $20—that’s about N30,000,” he explained.

Offering relatable examples, Fasua illustrated how everyday Nigerians can still afford quality meals on a modest budget.

“I can tell you what you can do with $5—about N7,500—if you’re not eating at high-end places. In Gwarinpa, you can get Boli and fish for as low as N1,500. It all depends on where and how you choose to live,” he added.