Abuja, Nigeria — Dr. Tope Fasua, Special Adviser on Economic Affairs to President Bola Ahmed Tinubu, has said that Nigeria’s opposition parties have no realistic pathway to defeating the president in the 2027 elections, asserting that the administration remains strong and focused on deep structural reforms despite mounting criticism over the state of the economy.
In a wide-ranging interview on the Mic On Podcast, Fasua addressed issues from inflation and currency depreciation to poverty metrics and youth expectations, calling for a shift in national mindset and a deeper understanding of the government’s long-term strategy.
“To lose to who? I don’t see how. They don’t even have a platform anymore,” Fasua declared, adding that disjointed political opposition and media pessimism cannot unseat a government that is working to reset Nigeria’s economic foundations.
₦1,500 to $1: Painful but Necessary Adjustment.
Fasua acknowledged that the exchange rate of ₦1,500 to $1 has created significant hardship but argued it is a necessary transition for building a more resilient and self-sufficient economy.
“Yes, it’s difficult, but this has forced manufacturers to become more creative — to adopt local sourcing and reduce dependency on imported inputs,” he said, citing examples from Nigeria’s FMCG (fast-moving consumer goods) sector as highlighted in BusinessDay and Nairametrics reports.
He argued that this kind of economic shift, while painful, is a move toward sustainability rather than a sign of collapse.
“It’s never easy to get a country to improve. The question is: are we willing to change our habits?”
$1 a Day Is a Lot for Many Nigerians.
In perhaps his most controversial assertion, Fasua stated that for many Nigerians, earning the equivalent of $1 per day — or ₦1,500 — is significant, insisting that purchasing power in Nigeria should not be compared directly with that of developed countries.
“$1 is ₦1,500. Earning $1 per day is a lot of money for many Nigerians,” he said. “You can eat with that in most places — roasted plantain and fish in Gwarinpa, for example. If you’re not eating in highbrow eateries, it’s sufficient.”
He invoked the concept of Purchasing Power Parity (PPP) to argue that Nigeria’s economic reality cannot be assessed by global poverty metrics alone.
“$10 won’t buy you lunch in the U.S., but $5 — about ₦7,500 — can still go a long way in Nigeria. In rural communities, survival often doesn’t even require one dollar a day.”
Fasua also pointed to Nigeria’s strong informal social support systems, such as extended family and communal living, which he claims make hardship more manageable compared to Western countries.
“Here, you can stay with your brother, eat, and even live with him for months. Abroad, you miss rent and lose your job — you’re on the street.”
On Credit Culture and Corruption.
The adviser criticized the aversion to credit and mortgage financing in Nigeria, linking it to entrenched corruption and unsustainable financial practices.
“We build houses from scratch without borrowing. No one abroad does that. They take 30-year mortgages. The president is big on promoting a credit culture — it’s key to reducing corruption and creating economic inclusion.”
He emphasized that personal finance education and access to credit are essential to unlocking long-term prosperity for the average Nigerian.
Youth Mindset and the ‘Curse Culture.
Fasua directed a large portion of his message at Nigeria’s youth, particularly those active on social media, warning them against embracing a culture of constant negativity and entitlement.
“If you curse your country, it will curse you back. If you bless it, it will bless you,” he said. “We need more pragmatic thinkers, not just social media ranters.”
He argued that many young people underestimate the value of vocational skills and technical education. Professions like welding, tailoring, medicine, and engineering, he said, remain highly relevant and in demand.
“There are opportunities out there. We can’t even find good welders in Nigeria. Some factories offer spaces for fashion designers to work daily. But people have deadened their senses to the possibilities around them.”
Drug Abuse and Misplaced Blame.
Fasua acknowledged that the country faces social issues such as drug addiction and unemployment but insisted that not all suffering can be blamed on the government.
“If we have 1 or 2 million drug addicts saying they’re suffering, is that the government’s fault? Some personal challenges require personal responsibility.”
He cautioned that many young people are falling into destructive habits while waiting for quick success or easy money.
“I’ve worked for 34 years. It’s been a process. Success doesn’t happen overnight. Youths must be taught patience and personal financial management.”
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Conclusion: Foundation Before Flourish.
Despite public frustration over inflation, foreign exchange volatility, and living costs, Fasua maintained that the Tinubu administration is focused on foundational reforms that will yield long-term benefits.
“This is not the time to agitate about the economy. It’s time to get constructive. The private sector, the states, and even the media must join hands. There is no shortcut.”
While critics argue that the government is detached from the suffering of average Nigerians, Fasua insists that the strategy is deliberate and grounded in realism — not populism.
“We’re laying the blocks for a stable future. Change is uncomfortable, but it’s necessary.”
