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The value of ₦40,000 in 2015 equivalent to over ₦500,000 today – Farah Dagogo

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photo: Nigeria currency

A former member of the National Assembly, Dr Farah Dagogo, has complained about the decrease of value in Nigeria, stating that ₦40,000 in 2015 is equivalent to over ₦500,000 in today’s economy.

The former lawmaker expressed grave concerns about worsening economic indicators, predicting increased hardship for citizens. He described the current living conditions in the country as bleak and questioned why the population continues to suffer despite Nigeria’s wealth of natural resources. He emphasized that purchasing power has drastically declined over recent times, noting that hyperinflation levels have reached unprecedented heights not seen even during the civil war.

The value of ₦40, 000 in 2015 is equivalent to over ₦500, 000 in today’s Nigeria in 2024. Criss-cross the costs of goods and services during this period and vis-a-vis the reality of today and we all will come to that sad realisation. That was why labour was justifiably demanding for a living wage.

“The inconsolable unavoidable truth is that the value of the money most people are getting or earning in 2024 is not too different from that of 2015, but the purchasing powers have practically gone out the window,” he said in a statement issued by his media aide, Ibrahim Lawal, on Saturday, June 15, 2024. “Anti-people and inhuman economic policies have helped put the people in a terrible state. Money that could comfortably procure over 10 50kg bags of rice in 2015 can only buy one now, yet no improvement in the real money in the hands of the people.

“Something has to give way, this cannot continue. These sufferings and hardships have to be remedied. Unfortunately, optics point to further pains for the citizenry,” he added.


 

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Fashion

Nigerian Ex-Governor Sparks Debate with £2,125 Versace Outfit

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cc: Nyesom Wike

The former governor of Rivers state, Nyesom Wike appeared in a £2,125 (N4.1m) Versace denim jacket and trousers, paired with blue shoes and a blue and white cap, accessorized with a traditional black walking stick. His calm demeanor while posing for @ijeomadaisy’s Instagram drew attention and sparked discussions on social media about his outfit’s appropriateness.

In Nigeria, where economic disparities are significant, such displays by public officials often provoke mixed reactions, from admiration to criticism. This incident underscores ongoing debates about the lifestyles and spending habits of Nigerian leaders, highlighting the need for public figures to consider public perception and expectations amid economic challenges.


 

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Wike Angry Over Politician’s Land Allocation Meant for Bus Terminal

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Photo Credit: Politicians Data

FCT Minister Nyesom Wike criticized the allocation of land meant for a bus terminal in Abuja’s Central Business District, describing it as a significant departure from the Abuja Master Plan. During the inauguration of the Mabushi Bus Terminal Phase I, he disclosed that the designated land, crucial for a planned train track, had been given to another party.

Despite the controversy, Wike proceeded with the terminal’s inauguration at Mabushi, highlighting the difficulties in maintaining the integrity of Abuja’s Master Plan amidst conflicting interests and distortions. He stressed the importance of constructing terminals in strategic locations like Mabushi and Kugbo to improve commuter convenience and safety, underscoring the city’s need for enhanced infrastructure to achieve world-class status.


 

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12 Ajayi Crowther University Students Cleared of Murder Charges

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cc: Alex Timilehin

Twelve out of the 25 students from Ajayi Crowther University, Oyo, who were brought before an Iyaganku Chief Magistrates’ Court in Ibadan for alleged murder, were discharged on Monday. The students had been arraigned on June 5, facing charges of conspiracy, murder, and negligence.

Chief Magistrate Olabisi Ogunkanmi had earlier remanded the students in a correctional facility in Ibadan pending legal advice. Following the release of the legal advice, the magistrate discharged Kehinde Martins, Samuel Okorie, Mustapha Khalid, Yusuf Adeniran, Joseph Areoye, Iyanuoluwa Oyelakin, Obaloluwa Olalekan, Emmanuel Adejumobi, John Daudu, Moses Abiola, Hammad Tijani, and David Kolawole. The advice indicated no evidence linking these students to the alleged offences.

Femi Oladoye, a security guard at the university among the defendants charged with negligence, was granted bail at ₦250,000 with two sureties in like sum.

The case was adjourned till July 8 for further proceedings. Earlier, Prosecutor CSP Funke Fawole had stated that the defendants allegedly caused the death of 22-year-old Jefry Akro, a student, by beating him with planks and electrical wire on May 24 at the university.


 

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