The Presidency has said Nigeria should not be described as a poor country, stressing that attention should instead focus on inequality and structural economic challenges.
The Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, said on Channels Television that Nigeria’s issue is not lack of wealth but uneven distribution. “Nigeria is not a poor country, but we have inequality challenges. We must focus on bridging that gap.”
He added that discussions should move away from poverty labels toward practical solutions. “The real question is how to solve poverty,” noting that constant focus on it “will not allow us to focus on what matters.”
Fasua pointed to financial activity in the economy, including banking recapitalisation. “About N4.6 trillion was raised by banks in this country recently for recapitalisation,” adding that “about 80 percent of it was from this country.” He also cited MTN’s performance, saying: “MTN has consistently generated about 40 percent of its profits from Nigeria. This shows there is money in the system.”
He noted that about 70 percent of the economy is informal and said tax reforms are aimed at improving revenue collection. “About 70 percent of this economy is informal,” adding reforms will ensure “the money that keeps escaping, will be reckoned with.”
On the 2026 budget, he described it as ambitious and encouraged support. “We should commend Mr. President for thinking big for the people of this country.” On the N68.32 trillion budget, he highlighted increased capital spending: “For the first time we’re having about 50 percent capital budget.”
He dismissed debt concerns, saying: “Nigeria is not over-borrowed, our debt is sustainably managed.” He added that reforms would be challenging but achievable: “It is not going to be a walk in the park but it is doable.”
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