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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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Isaac Fayose Criticizes Government Over Taxation and Insecurity

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Nigerian businessman Isaac Fayose has spoken about what he considers one of the country’s biggest problems, stating that many Nigerians are worried about government taxation, insecurity, and the increasing rate of kidnappings for ransom.

He lamented the situation and criticized the government, arguing that these issues have become deeply rooted and that there appears to be no lasting solution in sight.

According to him “In Nigeria we have two governments. One is collecting tax, the other one is collecting ransom. Both of them have one thing in common which is to make life difficult for their people.

The one that is collecting tax without doing anything will come and share you rice and semolina. The one that is collecting ransom is doing giveaway on social media.”


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Concern Grows Over Rising Insecurity Following Kwara Abduction Case

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It was reported that bandits were seen in Kwara State and abducted six residents from Rukpete Village.

The incident was reported to have occurred on June 8 at about 11 p.m.

Sources revealed that seven people were initially taken, but an elderly man was later released, leaving six victims in captivity.

The rising cases of insecurity in the country remain quite alarming.


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Panic as Bandit Rumours Spark School Safety Concerns in Abuja

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The state of the country is affecting many people, as they believe nowhere is safe, including schools where they keep their children.

It has been reported that some parents have started withdrawing their children from schools in Abuja.

It can be noted that rumours of bandits being sighted near a school triggered panic, causing parents to hurriedly remove their children for safety.

While the reports of bandits have not been confirmed, the school has also issued safety measures to ensure the protection of students within the premises.


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