“Nigeria Is Not Poor” — Presidency Shifts Focus to Inequality and Growth
The Presidency of Nigeria has maintained that Nigeria should not be classified as a poor country, urging a shift in focus toward addressing inequality and structural economic challenges.
The Special Adviser to the President on Economic Affairs, Tope Fasua, made this known during an appearance on Channels Television, where he emphasized that the nation’s problem lies not in lack of wealth but in how resources are distributed.
“Nigeria is not a poor country, but we have inequality challenges. We must focus on bridging that gap,” he stated.
Fasua stressed that national conversations should move away from labeling the country as poor and instead concentrate on practical solutions to reduce poverty. According to him, constant emphasis on poverty distracts from efforts to address the root causes.
Highlighting economic activity, he pointed to recent developments in the banking sector, noting that about ₦4.6 trillion was raised for recapitalisation, with roughly 80 percent sourced locally.
He also referenced the performance of MTN Nigeria, stating that the company consistently generates about 40 percent of its profits from Nigeria, which he said reflects the level of financial activity within the system.
Fasua further noted that approximately 70 percent of Nigeria’s economy operates within the informal sector, adding that ongoing tax reforms are aimed at improving revenue collection and capturing funds that previously went unaccounted for.
Speaking on the 2026 budget, he described it as ambitious and called for public support, commending President Bola Ahmed Tinubu for what he termed bold planning. He highlighted that the ₦68.32 trillion budget includes, for the first time, about 50 percent allocation to capital expenditure.
Addressing concerns over borrowing, Fasua dismissed fears of excessive debt, insisting that Nigeria’s debt remains sustainably managed.
He acknowledged that the reform process may be challenging but expressed confidence in its success, stating that while it may not be easy, it is achievable.
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