A former member of the National Assembly, Dr Farah Dagogo, has lamented the value of the Nigerian currency saying, “the value of ₦40, 000 in 2015 is equivalent to over ₦500, 000 in today’s Nigeria.”

He also charged the Federal Government under the leadership of President Bola Tinubu, to come up with workable economic policies that will ameliorate the sufferings and hardships the majority of Nigerians are experiencing.

Dagogo described the current living standards and situations in the country as ‘grim’, raising concerns that all indicators point to ‘ further pains for the citizenry’

Dagogo who represented Degema/Bonny Federal Constituency in the House of Representatives while in office.

In a special Eid-ul-Adha message to Muslims faithful across the country, the former Federal Lawmaker wondered why the people would continue to languish and wallow in so much misery amid the country’s abundant natural resources.

He said this in a statement issued in Port Harcourt on Saturday morning by his media aide, Ibrahim Lawal, and sent to newsmen.

The statement reads, “Today, yesterday and especially in the past year, the people’s purchasing powers have reduced drastically. Never has this country witnessed this level of hyperinflation in its history, not even during our civil war. It is a grim reality.

“The value of ₦40, 000 in 2015 is equivalent to over ₦500, 000 in today’s Nigeria in 2024. Crisss-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 added, “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.”

While taking a cue from the central message of Eid-ul-Adha, which also means festival of sacrifice, Dr Dagogo salutes Nigerians for their sacrifices and resilience over these difficult periods, especially in the past one year.

The ex-federal legislator, however, challenged the government to be above board and “walk the talk of renewing the citizenry’s hope.

“The government promises, pledges and policies, as of now, are mere cosmetics without any corresponding positivities on the majority of Nigerians.

“It behooves this government to walk the talk of renewing the citizenry’s hope. The much-touted renewed hope should reflect its literary meaning and not renew hardships and suffering as being experienced all across the country, ” Dagogo added.

Usmanovic95:
That's why some people store their wealth in Dollars and other stable currency.Just imagine the 40k was saved in dollar back then in 2015,just imagine you are converting it back to naira in 2024. Insanely crazy figure

madridguy:
Dr Farah Dagogo is 100% right.

Remman:
Now that we have at least one working refinery in Nigeria, i think it's time to bring back fuel subsidy and crash the price to N100 per litre. Smuggling will reduce or stop because buying from Dangote would be different from hiding under IPMAN and be shipping (smuggling) FG paid fuel to other countries.

Usmanovic95:
That's why some people store their wealth in Dollars and other stable currency.Just imagine the 40k was saved in dollar back then in 2015,just imagine you are converting it back to naira in 2024. Insanely crazy figure

Remman:
Now that we have at least one working refinery in Nigeria, i think it's time to bring back fuel subsidy and crash the price to N100 per litre. Smuggling will reduce or stop because buying from Dangote would be different from hiding under IPMAN and be shipping (smuggling) FG paid fuel to other countries.