Nigeria Not Poor, Focus on Inequality – Fasua

President Bola Tinubu’s Special Adviser on Economic Affairs, Dr Tope Fasua, has declared that Nigeria is not a poor country.

The presidential aide made the remark during a Channels Television interview on Friday, calling for a major shift in how Nigerians discuss the economy. Instead of dwelling on poverty labels, he urged focus on fixing inequality and structural gaps that keep many citizens behind.

Fasua insisted the real issue is uneven distribution of wealth, not a lack of resources in the country. He stressed that constant talk of poverty distracts from practical solutions needed to lift living standards.

Evidence of money in the system is clear, according to the adviser. Banks recently raised about N4.6 trillion for recapitalisation, with roughly 80 percent coming from within Nigeria.

He added that telecom giant MTN continues to generate around 40 percent of its profits from the Nigerian market, showing strong internal economic activity.

Fasua acknowledged that while some Nigerians are thriving, many others remain poor, largely because about 70 percent of the economy operates informally. He said tax reforms now underway aim to capture revenue that slips through the cracks and fund real development.

The presidential adviser appealed to citizens to back these changes by paying their taxes. This, he explained, will help bridge the wide income gap and create a fairer society.

Turning to the 2026 budget of N68.32 trillion, Fasua defended it as ambitious and forward-looking. For the first time, he noted, capital spending makes up about 50 percent of the total, a clear sign this government is investing in the future.

He dismissed concerns over budget overlaps and borrowing levels, describing Nigeria’s debt as sustainably managed. Fasua expressed strong optimism that current reforms, though tough, will deliver results and unlock the country’s long-awaited potential.