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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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JAMB To Release Results of Resit on Wednesday After Problems With First Exam

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JAMB has announced that it will release the results of over 379,000 candidates who sat for the rescheduled UTME this Wednesday. The resit, which ran from Friday to Monday, was organized following several reports of technical and human issues during the initial exam. These issues, which were especially noticeable in Lagos and the South-East, affected candidates’ performance and sparked nationwide concern about the exam’s fairness.

JAMB admitted to system failures and took responsibility. Last week, Registrar Prof. Ishaq Oloyede, while announcing the makeup exam, emotionally accepted blame and assured affected candidates they would get another chance. Out of the original 1.9 million candidates who sat for the UTME, more than 1.5 million scored below 200 marks, raising eyebrows about the exam’s credibility.

JAMB’s spokesperson, Fabian Benjamin, confirmed that the resit results would be made public on Wednesday. He noted that 379,997 candidates were affected—over 200,000 from Lagos and more than 170,000 from the South-East. According to the registrar, the issues were due to sabotage, and affected candidates were notified via text messages starting last Thursday.

So far, of the nearly two million results processed, only 0.24% of candidates scored 320 and above, while just 0.63% scored 300 and above. Around 3.76% scored between 250–299, 17.11% fell within the 200–249 range, and over half—50.29%—scored between 160–199. The rest scored below 160, with a very small number getting less than 100.


 

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Joe Igbokwe Accuses Nigerians of Causing Their Own Hardship

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APC chieftain Joe Igbokwe has pointed fingers at Nigerian traders for the continued surge in food prices across the country. In a Facebook post on Saturday, the outspoken supporter of President Bola Tinubu’s administration accused traders of being too greedy to reduce their prices.

He added that even as statistics suggest that the cost of food is starting to drop, traders have refused to comply. Furthermore, he expressed frustration, saying the refusal to lower prices shows a deeper problem of selfishness among citizens. According to him, Nigerians are their own worst enemies, driven by greed and a habit of taking more than they need.


 

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President Tinubu to Attend Pope Leo XIV’s Inauguration in Rome

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President Bola Ahmed Tinubu is set to travel to Rome this Saturday to attend the inauguration of Pope Leo XIV, the new leader of the Roman Catholic Church. The invitation came directly from Pope Leo XIV, who emphasized the importance of the president’s presence during this significant moment for the Church and a world facing many challenges.

Pope Leo XIV, formerly Cardinal Robert Francis Prevost, will be officially installed as the 267th Bishop of Rome on Sunday, May 18, at St. Peter’s Square in the Vatican.

President Tinubu will be accompanied by key Catholic figures, including the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, Archbishop Lucius Ugorji of Owerri, Archbishop Ignatius Kaigama of Abuja, Archbishop Alfred Martins of Lagos, and Bishop Mathew Hassan Kukah of Sokoto.

Notably, Pope Leo XIV has a special connection to Nigeria, having worked at the Apostolic Nunciature in Lagos during the 1980s. After the ceremony, President Tinubu is expected to return to Abuja on Tuesday, May 20.


 

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