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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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Oluremi Tinubu Condoles Akwa Ibom Governor on Wife’s Death

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Nigeria’s First Lady, Mrs. Oluremi Tinubu, visited the Akwa Ibom State Governor’s Lodge in Uyo on Friday to offer her condolences over the passing of Mrs. Patience Umo Eno, the late wife of Governor Umo Eno. She praised Mrs. Umo Eno as a peaceful, God-fearing woman who truly cared for her community. During the visit, Mrs. Tinubu signed a condolence register and participated in special prayers, emphasizing the importance of love and support for one another, regardless of political differences.

Mrs. Tinubu expressed her gratitude for having known Mrs. Umo Eno, recognizing her commitment to serving the people. Governor Umo Eno thanked the First Lady for her compassion and referred to his late wife as his greatest partner, promising to continue the initiatives of her office in the state. The visit was also attended by the Vice President’s wife, Hajiya Nana Shettima, and the wives of other National Assembly leaders, highlighting a sense of unity and compassion during this difficult time.


 

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Tajudeen Abbas Awarded GCON by President Tinubu

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President Bola Tinubu has awarded Tajudeen Abbas, the Speaker of the House of Representatives, the Grand Commander of the Order of the Niger (GCON), the nation’s second-highest national honor.

This announcement was made by Mr. Bayo Onanuga, the President’s Special Adviser on Information and Strategy, in a statement on Friday night. The honor follows ongoing debates between the Senate and the House regarding the Speaker’s eligibility for a higher accolade.

During his Independence Anniversary speech on October 1, President Tinubu had previously awarded the Commander of the Federal Republic (CFR) to the Speaker and the Deputy Senate President, prompting discussions in the House for a more prestigious honor.

Onanuga noted that the President was influenced by the House’s request and decided to rectify what he termed a “historical error.” As a result, the Speaker’s honor was upgraded from CFR to GCON, in line with the National Order of Precedence. The Speaker, Senate President, and other National Assembly leaders, along with the Chief Justice of Nigeria, will be formally honored in a ceremony at a later date, according to the Presidency.


 

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NSCDC Arrests Two Teenagers for Oil Theft in Abia

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Operatives of the Nigeria Security and Civil Defence Corps (NSCDC) have arrested two teenagers for suspected oil theft and destroyed several illegal refineries in Ukwa West Local Government Area, Abia State. The operation was part of the Commandant General’s Special Intelligence Squad’s ongoing efforts to tackle oil theft and economic sabotage.

According to NSCDC’s Public Relations Officer, Babawale Afolabi, the squad raided a swampy forest in the Umuorie/Umukala community, uncovering illegal refineries with over 20 local drum ovens. The squad’s commander, DC Apollos Dandaura, confirmed the arrests and reaffirmed the NSCDC’s commitment to eradicating illegal oil activities.

Two suspects, 16-year-old Endurance David and 13-year-old Abadiedot Anieke, were apprehended, while others fled. Several items, including pipes and reservoirs used to siphon crude oil, were recovered. Investigations are ongoing, and the suspects will be prosecuted once inquiries are complete.


 

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