Naira Depreciation Has Reduced Japa Rate – Tinubu’s Aide Lists Advantages Of Naira’s Depreciation

Naira Depreciation Has Reduced Japa Rate – Tinubu’s Aide Lists Advantages Of Naira’s Depreciation

Tope Fasua, The Special Adviser To The President On Economic Affairs (Office Of The Vice President), Stated That The Naira’s Depreciation Has Curtailed The Rate Of Nigerians Migrating Abroad.

He Made This Remark On Thursday, January 16, During A Panel Discussion At The 2025 Annual Outlook Conference. Fasua Also Discussed The Implications Of The Naira’s Devaluation And The 2025 Budget During The Session

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.

“The Devaluation, Or Rather, The Depreciation Of The Naira That We’ve Seen Since Our Government Came, Is Double-Edged, Actually, In Terms Of Its Impact. On One Hand, It Has Impacted Inflation, But On The Flip Side, It Has Reduced The ‘Japa’ Rate, Because If Before You Would Have Been Able To Get To The UK With Maybe N2m Or N1.5m For Your Ticket, Now You Have To Look For Maybe N4m Or N5m, An Economy Seat, Meaning That People Are Thinking Less Of ‘Oh, How Do I Get Out Of This Country?’”

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