Tope Fasua, di Special Adviser to President Tinubu on Economic Affairs, don talk say di devaluation of di naira don reduce di rate of Japa of Nigerians abroad. Him say dis trend be because of di rising costs of emigration, wey don deter many people.
How Naira devaluation take affect Japa
Di harmonization of currency markets in June 2023 lead to di floating of di naira, wey cause significant depreciation. By September, Bloomberg report say di naira value don decline by 70% since di reforms. Fasua note say while di devaluation don spur inflation, e don also reduce di “Japa” phenomenon, wey be di mass migration of Nigerians abroad. Him say dis be because travel costs don become too
expensive.
An advantage of Naira's depreciation is it has reduced japa rate – Tinubu's aide Tope Fasua pic.twitter.com/ic4S8VvPHg
— Naija (@Naija_PR) January 18, 2025
Di importance of focusing on Domestic Economy
Fasua emphasize di need to focus on Nigeria’s domestic economy and purchasing power parity (PPP). Him explain say “while $10 no go buy lunch for New York, di equivalent in naira go further for Nigeria”. Dis show say we need to leverage local spending power. Fasua also advocate for larger budgets to address Nigeria’s developmental challenges. Him note say Nigeria’s per capita spending be among di lowest globally.
Di 2025 Budget and its prospects
President Tinubu recently present proposed N49.7 trillion budget for 2025, wey be themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity”. Di plan focus on security, infrastructure, and human capital development, with projected revenues of N36.35 trillion. Revenue growth expected from expanded tax collection, customs duties, and government enterprise income, alongside oil revenues based on $75 per barrel benchmark and production target of 2.06 million barrels per day.
Di way forward
Fasua say Nigeria must aim for more ambitious targets in terms of budget and spending. Him say di country need to increase di budget to address di developmental challenges wey dey face. Di 2025 budget be di first step towards dis goal, and Nigerians dey expect say di government go implement am well.
