Saturday, January 18, 2025 - The special adviser to the president on economic affairs (Office of the Vice President), Tope Fasua, has said that the depreciation of the naira has reduced the number of Nigerians migrating from the country.
He said this on Thursday, Jan. 16, during a panel discussion at the 2025
Annual Outlook Conference.
Speaking during the panel discussion, Fasua addressed some of the effects of
the naira devaluation and the 2025 budget.
He said, “There are a couple of advantages because the naira volume has
moved up from about N30tn, N31tn to N49tn; what we’re trying to see is how to
milk the PPP advantage. That’s the purchasing power parity. Whereas in dollar
terms, it’s not particularly a significant budget and also per capita. But what
we can do is focus on the Nigerian economy and the domestic economy and see
what naira can buy. So, when we talk about PPP, essentially, you’re saying that
$10 in New York, for example, probably can’t even buy your lunch. However, $10
translates to about N16,000 in Nigeria. So, we intend to see how we can focus
on the local economy.
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