Tope Fasua, Furiously Blames 35% Inflation on Greedy Nigerians

Tope Fasua, Furiously Blames 35% Inflation on Greedy Nigerians

Tope Fasua, a Special Adviser on Economic Affairs to President Bola Tinubu, has stirred public outrage after claiming that many Nigerians are deliberately inflating prices of goods and services to paint the government in a bad light.

Tope Fasua, an economist and well-known public commentator, shared his thoughts in a strongly worded Facebook post. His statement followed a viral online complaint about a fuel station in Maitama, Abuja, where pump attendants are still earning just ₦10,000 monthly despite ongoing economic hardship.

“I’ve been hammering on this for the past three months because I know Nigerians. Inflation peaked at 34.8 per cent because everybody has hiked prices of everything,” he wrote, suggesting that the inflation wasn’t driven entirely by market forces but rather emotional and sometimes politically motivated decisions.

He insisted the inflation level is being exaggerated by political opponents trying to damage the image of President Tinubu’s administration. According to Fasua, many Nigerians increase prices randomly, sometimes out of fear, sometimes out of opportunism, and sometimes just to make the government look bad.

“Prices were increased based on whims,” he continued. “Sometimes increased because it will make the government look bad. Emotions get the better of many Nigerians.”

He argued that the country’s inflation was not caused solely by traditional economic factors, adding that even classical economists like Adam Smith wouldn’t have predicted such behavior in pricing.

Tope Fasua’s words sparked heated discussions online, especially among low-income Nigerians who feel they are the ones suffering the most. He admitted this in part, writing, “In spite of the price increases I was sure that the lowest and most vulnerable Nigerians will be made to suffer.”

The presidential aide didn’t stop there. He also directed sharp criticism at Nigerian entrepreneurs who have refused to raise staff salaries, even though the national minimum wage has been under review.

“No so-called entrepreneur should be paying any staff at the same level as 2 years ago simply because they cannot protest or have no voice in social media,” Fasua said.

He encouraged Nigerians to expose employers still paying outdated salaries. He also said that most Nigerian workers don’t belong to unions, making it easier for employers to avoid accountability.

Fasua added that the Nigeria Labour Congress (NLC) only controls about 6% of the labour market. “Even NBS numbers say that 82% of Nigerians work in unstructured environments,” he said.

From the remaining 18%, Fasua noted, barely half are unionised. “The rest work in banks and private sector entities that have since forgotten about unions,” he said.

Although he acknowledged the role of labour unions, Fasua criticized them for focusing only on members who pay union dues. “I think unions do have their own uses because of their advocacy,” he said. “But NLC and TUC never speak about those who are not paying them dues.”

He pointed out Germany as a positive example where union advocacy helped factory workers become board members in major companies. But in Nigeria, Fasua believes innovation in labour rights has been blocked by systemic obstacles.

“In Nigeria we have unfortunately installed permanent barriers to such innovations,” he said. “Anyhow, the struggle continues.”

He argued that the federal government should not be the only one blamed when workers are underpaid. He insisted that state governments and even private individuals who hire domestic help must follow the minimum wage law.

“Not only State Govts should be reminded that the minimum wage Act is binding on them… but also every private sector entity, including households who employ house boys and house girls,” Fasua said.

He wrapped up by defending President Tinubu’s reform policies. He claimed they are opening up the economy to help average Nigerians. But he warned that some people are trying to use this opportunity to enrich themselves unfairly.

“This is the last mile in the reforms; to ensure that the average Nigerian is not used as cannon fodder by ruthless pseudo-capitalists, many of whom are making untold money as a result of the reforms,” Fasua concluded.

His comments have drawn mixed reactions. Some Nigerians agree with his view that inflation has been worsened by profiteering and fear. Others accuse him of shifting the blame away from the federal government and failing to understand the day-to-day pain that ordinary people face.

While the debate continues, one thing is clear—Fasua’s post has struck a nerve. Many Nigerians are angry, tired, and feel abandoned in a worsening economy. For them, it’s not just about statistics or political agendas. It’s about survival.