Zxcvbnmghtr:


Some people have not been able to eat three square meals since GEJ left office because their sustainance was tied to him.

🗑️

When the country in good shape. The humans ruling us here are 😈
They enjoyed vanity upon vanity. Where is Abiola and others?

Zxcvbnmghtr:


Some people have not been able to eat three square meals since GEJ left office because their sustainance was tied to him.

some people don't realise that their financial worth in the bank is deprecating by the minute even as they rejoice over APC / Tinubu

hisgrace090:
Almost 50k dollars then.

The naira was bigger than the dollar then.

Nice

Sublimesuccess:
Hmmm

That was when my father bought a brand new car for less than #4000. So the annual salary of the president then would buy almost 13 of such cars. Imagine selling that car for 8 million naira in our own time and a modern day president can afford to buy 13 such cars with his BASIC SALARY of 104 million naira. There was corruption then as well.

Even the cover price of the newspaper should tell you something. That newspaper cost 15k then, now it is #300. If you divide #50000 by 15k, it's the same result you get by dividing #100 million by #300, the current price of the newspaper, and I don't even think the official salary of the modern day president is up to #100 million. For the president nowadays to buy the same number of newspapers the annual salary of the president then could buy, he must earn #100 million annually. Let's be relative with the way we think.

Likewise I saw people thinking that the man selling roasted corn in London had struck gold by selling one for £1. Converting the money into naira is a fairy tale. A bottle of coke there is about £2. Imagine selling one cob of corn for £1 and buying a bottle of coke for £2! It's like garbage in, garbage out.

Based on the values copied from Wikipedia below,in 1979, $1=60k, therefore #50,000 then in 1979=$83333.
Let's convert the $83333 back to naira in 2024 when $1=#1235 based on the table, $83333=#103 million. So #50000 then and #103 million today are equal!!! Cutting it down further, #5 in 1979 and #10000 today have the same purchasing strength.

hope you know the 15k is kobo o. 🤔

GanagiBitrus:
That's about 45yrs ago.

Meaning at the rate we are going, in 45years time, President's salary may be about ₦5b.

tinubu is earning lesser in today's exchange rate if you factor it then.
in 1979, naira was stronger than dollar.
today the president salary is 2.5 million or so which is less than 2k dollars.

in 1979 it was 2 dollar to a naira which is about 100k dollars
you should do the maths.
shagari been dey cash out big.

Racoon:
Today, the executive and NASS are responsible for about 30% of Nigeria's financial burden.

Apt

Tjra:
N50,000 na lump sum back then.

These children of nowadays sef 😒

Wittyness.

Sublimesuccess:
Hmmm

That was when my father bought a brand new car for less than #4000. So the annual salary of the president then would buy almost 13 of such cars. Imagine selling that car for 8 million naira in our own time and a modern day president can afford to buy 13 such cars with his BASIC SALARY of 104 million naira. There was corruption then as well.

Even the cover price of the newspaper should tell you something. That newspaper cost 15k then, now it is #300. If you divide #50000 by 15k, it's the same result you get by dividing #100 million by #300, the current price of the newspaper, and I don't even think the official salary of the modern day president is up to #100 million. For the president nowadays to buy the same number of newspapers the annual salary of the president then could buy, he must earn #100 million annually. Let's be relative with the way we think.

Likewise I saw people thinking that the man selling roasted corn in London had struck gold by selling one for £1. Converting the money into naira is a fairy tale. A bottle of coke there is about £2. Imagine selling one cob of corn for £1 and buying a bottle of coke for £2! It's like garbage in, garbage out.

Based on the values copied from Wikipedia below,in 1979, $1=60k, therefore #50,000 then in 1979=$83333.
Let's convert the $83333 back to naira in 2024 when $1=#1235 based on the table, $83333=#103 million. So #50000 then and #103 million today are equal!!! Cutting it down further, #5 in 1979 and #10000 today have the same purchasing strength.

Corruption was massive under Shagari government, that's why people didn't vex too much when Miltary took over his government.

50k as salary in 1979 is beyond shocking!!!

That was a whole new level of corruption and wastage!


E don tay wey this Naija spoil!

Gajagojo:
a year?

if you convert the figure and divide by 12, you'll know they still earned higher then.

hisgrace090:
Almost 50k dollars then.

more than - its $75,000 (75 Kobo was $1)

Wow!!!
Nigerian politicians have always been fraudulent, wicked and selfserving.

https://www.youtube.com/watch?v=7T5UYIv4l7s




Yesterday's price is not today's price.

Fat Joe frm the Bronx said it, and it's universal

hisgrace090:
Almost 50k dollars then.

Not even up to to what the USA president earned that year. But today it’s the other way round.

OP must be an Obidient, naivety and blissful ignorance is their trademark

How do we get to this point in 2024.


Can they publish what they earn now?


Nigeria is not for the masses.

hisgrace090:
Almost 50k dollars then.

more than $50k

Gajagojo:
Nigerian budget in 1980 was 15 billion Naira

False. Nigeria's budget in 1983 was 5.5 billion

That's about 50 thousand Dollars and today worth above 200 million Naira following devaluation of both Dollar and Naira over the years.

Sublimesuccess:
Hmmm

That was when my father bought a brand new car for less than #4000. So the annual salary of the president then would buy almost 13 of such cars. Imagine selling that car for 8 million naira in our own time and a modern day president can afford to buy 13 such cars with his BASIC SALARY of 104 million naira. There was corruption then as well.

Even the cover price of the newspaper should tell you something. That newspaper cost 15k then, now it is #300. If you divide #50000 by 15k, it's the same result you get by dividing #100 million by #300, the current price of the newspaper, and I don't even think the official salary of the modern day president is up to #100 million. For the president nowadays to buy the same number of newspapers the annual salary of the president then could buy, he must earn #100 million annually. Let's be relative with the way we think.

Likewise I saw people thinking that the man selling roasted corn in London had struck gold by selling one for £1. Converting the money into naira is a fairy tale. A bottle of coke there is about £2. Imagine selling one cob of corn for £1 and buying a bottle of coke for £2! It's like garbage in, garbage out.

Based on the values copied from Wikipedia below,in 1979, $1=60k, therefore #50,000 then in 1979=$83333.
Let's convert the $83333 back to naira in 2024 when $1=#1235 based on the table, $83333=#103 million. So #50000 then and #103 million today are equal!!! Cutting it down further, #5 in 1979 and #10000 today have the same purchasing strength.

Your analysis is spot-on. However, the bottom line of any economy is not the exchange rate but the happiness levels of the populace. Why I disagree with the OP's simplistic understanding of exchange rate and agree with your relative thinking, I just hope you are not making a point for the current government because, overall, Nigerians were far happier in 1979/80s than they are today.

That said, I also agree with you that there was corruption then too. At least, that's the reason Buhari and his boys gave for overthrowing the Shagari Administration.

Sublimesuccess:
Hmmm

That was when my father bought a brand new car for less than #4000. So the annual salary of the president then would buy almost 13 of such cars. Imagine selling that car for 8 million naira in our own time and a modern day president can afford to buy 13 such cars with his BASIC SALARY of 104 million naira. There was corruption then as well.

Even the cover price of the newspaper should tell you something. That newspaper cost 15k then, now it is #300. If you divide #50000 by 15k, it's the same result you get by dividing #100 million by #300, the current price of the newspaper, and I don't even think the official salary of the modern day president is up to #100 million. For the president nowadays to buy the same number of newspapers the annual salary of the president then could buy, he must earn #100 million annually. Let's be relative with the way we think.

Likewise I saw people thinking that the man selling roasted corn in London had struck gold by selling one for £1. Converting the money into naira is a fairy tale. A bottle of coke there is about £2. Imagine selling one cob of corn for £1 and buying a bottle of coke for £2! It's like garbage in, garbage out.

Based on the values copied from Wikipedia below,in 1979, $1=60k, therefore #50,000 then in 1979=$83333.
Let's convert the $83333 back to naira in 2024 when $1=#1235 based on the table, $83333=#103 million. So #50000 then and #103 million today are equal!!! Cutting it down further, #5 in 1979 and #10000 today have the same purchasing strength.

Stop blabbing.

The comments shows that people don't read or simply don't think.


There's a keyword there ANNUALLY everyone is ignoring it

Racoon:
Today, the executive and NASS are responsible for about 30% of Nigeria's financial burden.

about 75% when you consider the wasted funds on projects and bloated civil service they maintain for strange reasons.

TreasureJunky:
N50k in 1979 is equivalent of 50million in today's amount

the salary is annual salary thou

It seems most of us are not reading well, the 50k is annual salary and not monthly. It is written in the newspaper that #50k a year. So that is about #4,166 monthly.

[quote author=Misterone post=130609616]No, I'm not out of point. This thread is about comparing the president's salary in 1979 and today. It's about the astronomical rise of salaries of politically exposed people.
What I'm trying to say is that when you compare the astronomical rise in the salaries of politicians, also compare that of others too. That way, it is balanced [/quote on]

Is it so much about this or about the fall in the value of the naira.

NASS Entitlements are armed robbery though.

Autodidact1:
The comments shows that people don't read or simply don't think.


There's a keyword there ANNUALLY everyone is ignoring it

I swear most of us don't take time to read. Imagine almost all the people who commented on the first page think it is monthly salary, when it is written in the first paragraph that it is yearly.

jumper524:
tinubu is earning lesser in today's exchange rate if you factor it then.
in 1979, naira was stronger than dollar.
today the president salary is 2.5 million or so which is less than 2k dollars.

in 1979 it was 2 dollar to a naira which is about 100k dollars
you should do the maths.
shagari been dey cash out big.

u guys need to go back and read the newspaper. It is clearly stated there that it is yearly salary

hisgrace090:
Almost 50k dollars then.

Even $50,000 then was like $200,000 today in value and purchasing power. In other words, since $1 was equivalent to 1 naira then. 50,000 naira then is the same as earning $200,000 today.

Angelfrost:
50k as salary in 1979 is beyond shocking!!!

That was a whole new level of corruption and wastage!


E don tay wey this Naija spoil!

guys go back and read the paper, it is yearly salary and not monthly

GanagiBitrus:
That's about 45yrs ago.

Meaning at the rate we are going, in 45years time, President's salary may be about ₦5b.

That's why you should not believe there's hope in the future. Those who believed then are now elders - nothing they can do again.