Naira devaluation has reduced Japa, Says Pres. Tinubu’s Aide, Tope Fasua, as he reflects on the benefits of the administration’s Policies.
Tope Fasua, Special Adviser to the President on Economic Affairs, stated that the naira’s devaluation has reduced the rate of Nigerians migrating abroad.
Speaking at the 2025 Annual Outlook Conference organized by Meristem in Lagos, Fasua attributed this trend to the rising costs of emigration, which have deterred many.
The harmonization of currency markets in June 2023 led to the floating of the naira, causing a significant depreciation. By September, Bloomberg reported a 70% decline in the naira’s value since the reforms.
Fasua noted that while the devaluation has spurred inflation, it has also curtailed the “Japa” phenomenon—a term for mass migration—by making travel costs prohibitively expensive.
Highlighting the 2025 budget, Fasua emphasized the need to focus on Nigeria’s domestic economy and purchasing power parity (PPP).
He explained, “While $10 might not buy lunch in New York, its equivalent in naira goes further in Nigeria. This underscores the importance of leveraging local spending power.”
Fasua also advocated for larger budgets to address Nigeria’s developmental challenges, noting that the country’s per capita spending remains among the lowest globally.
“In 2019, I found that Nigeria’s budget per capita was only better than DR Congo’s. While countries like South Africa allocate $2,000 per person, Nigeria’s spending is a mere fraction of that. We must aim for more ambitious targets.”
President Bola Tinubu recently presented a proposed N49.7 trillion budget for 2025, themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity.” The plan focuses on security, infrastructure, and human capital development, with projected revenues of N36.35 trillion.
Revenue growth is expected from expanded tax collection, customs duties, and government enterprise income, alongside oil revenues based on a $75 per barrel benchmark and a production target of 2.06 million barrels per day.
