The Special Adviser to President Bola Ahmed Tinubu on Economic Affairs, Tope Fasua, has asserted that Nigeria should not be classified as a poor country, pointing instead to the enormous scale of economic activities taking place within its informal sector.

Fasua made the remarks while addressing recent economic reforms, explaining that a substantial portion of financial transactions in the country occurs outside formal regulatory frameworks. He described this phenomenon as “huge money moving below the radar,” stressing that such unrecorded activities significantly shape the nation’s economic reality.

According to him, one of the central goals of the Federal Government’s ongoing tax reform agenda is to bring more of this untapped wealth into the formal system. He noted that the reforms are designed to improve accountability among individuals and businesses operating informally, while also ensuring that more economic participants contribute to national revenue through taxation.

Fasua further drew attention to Nigeria’s growing influence in the global digital economy, revealing that the country currently ranks as the second-largest market for cryptocurrency transactions worldwide. He explained that this position underscores both the volume of financial activity carried out by Nigerians and the urgent need for stronger regulatory frameworks to effectively monitor and manage such transactions.

The presidential adviser maintained that if properly harnessed, revenue from both the informal sector and digital financial activities could significantly enhance government earnings. He added that such measures would play a crucial role in supporting national development and improving the country’s fiscal stability.

His comments come at a time when the Tinubu administration is intensifying efforts to widen the tax base, boost revenue generation, and stabilise the economy through a series of structural reforms aimed at strengthening financial governance and economic transparency.