ABUJA, Federal Capital Territory, Nigeria: The Presidency stated on Friday, April 17, 2026, that Nigeria is not a poor country and should shift its national discourse toward addressing inequality and economic structure.
Okay News reports that the Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, said during an appearance on Channels Television that the nation faces inequality challenges rather than poverty. He stated, “Nigeria is not a poor country, but we have inequality challenges. We must focus on bridging that gap.”
Dr. Tope Fasua cited financial activity within the banking sector to illustrate the country’s liquidity. He noted that about N4.6 trillion (approximately $2.76 billion USD) was raised by banks recently for recapitalization, with about 80 percent of the funds originating domestically. He also remarked that MTN consistently generates about 40 percent of its profits from Nigeria, which he suggested indicates there is money in the system.
Addressing structural challenges, Dr. Tope Fasua pointed to the prevalence of the informal sector. He said, “about 70 percent of this economy is informal.” He explained that ongoing tax reforms are intended to bring this revenue into the formal system to assist in the country’s development. He urged citizens to pay taxes to reduce income inequality.
Dr. Tope Fasua discussed the Federal Government’s 2026 budget, which totals N68.32 trillion (approximately $41 billion USD). He stated, “We should commend Mr. President for thinking big for the people of this country.” He noted that for the first time, the budget includes about 50 percent for capital expenditure and dismissed concerns regarding the national debt, describing it as sustainably managed.
