See Nigeria Tinubu and co enjoyed

That's about 45yrs ago.

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

Almost 50k dollars then.

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.

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

That's life for you.

An associate professor was earning N3200 in 1997. So stop this rubbish! Everything is relative to something.

Misterone:
An associate professor was earning N3200 in 1997. So stop this rubbish! Everything is relative to something.

a year?

Gajagojo:
a year?

A month. In Nigeria, they pay monthly. That was when the slogan "My take home pay cannot take me Home" was coined by ASUU.

50k was block as of 45years ago.

Nowadays they don't have salary structure, they just loot, reloot and store the money around every corners of the world 🌎

Sadly Nigerians are badly missing GEJ

Misterone:
A month. In Nigeria, they pay monthly. That was when the slogan "My take home pay cannot take me Home" was coined by ASUU.

But this thread is about the annual salary of the president at that time so what is the comparison or point you are making?

You are totally off point

G0odharddick:
50k was block as of 45years ago.

Nowadays they don't have salary structure, they just loot, reloot and store the money around every corners of the world 🌎

Sadly Nigerians are badly missing GEJ

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

Gajagojo:
But this thread is about the annual salary of the president at that time so what is the comparison or point you are making?

You are totally off point

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

Misterone:
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

Yes comparison should be like for like
They are talking annually you are talking monthly

Misterone:
An associate professor was earning N3200 in 1997. So stop this rubbish! Everything is relative to something.

Wha rubbish are you talking about

You are the one talking
Rubbish
They are saying annual you are saying monthly

So president's salarary in 1979 was 50000 and associate professor in 1997 according to you is 38000 what is your point?

Nigerian budget in 1980 was 15 billion Naira

Gajagojo:

Yes comparison should be like for like
They are talking annually you are talking monthly


Wha rubbish are you talking about

You are the one talking
Rubbish
They are saying annual you are saying monthly

So president's salarary in 1979 was 50000 and associate professor in 1997 according to you is 38000 what is your point?

My point is that there's no reason for the thread. It is rubbish. It doesn't make any sense.

Wow

Hmmm

This was the period my dad started working at CBN. That time graduates fresh from nysc were earning 30k annually while at the same time UBA a relatively new bank was paying circa 50k annually on their side. My dad jumped ship to UBA after only working at CBN for 8 months. He bought his first car mint for 33k then.

3 months later CBN and their union guys successfully initiated a salary increase for their staff and my dad's mates that were slow or unable to jump ship started earning over 100k annually at CBN.

It was a huge 'had I known' situation my dad never forgot all his life

Back then, private sector guys earned greater than government officials. Democracy was fresh and untainted unlike today that it has been through bastardisation

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

Zxcvbnmghtr:


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

You can do better. I don't engage fools in conversation

Thats $50k

They were corrupt even then!

hisgrace090:
Almost 50k dollars then.

That's $75,000,000 at 1,500 exchange rate

You're destined for more success. Data driven.

Love the analytic mindset.

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.

N50,000 na lump sum back then.

These children of nowadays sef 😒

My own problem is how come since then till now things have not gotten better in Nigeria ? It's just old wine in new bottles and everyone is drunk ...

FourQu:
This was the period my dad started working at CBN. That time graduates fresh from nysc were earning 30k annually while at the same time UBA a relatively new bank was paying circa 50k annually on their side. My dad jumped ship to UBA after only working at CBN for 8 months. He bought his first car mint for 33k then.

3 months later CBN and their union guys successfully initiated a salary increase for their staff and my dad's mates that were slow or unable to jump ship started earning over 100k annually at CBN.

It was a huge 'had I known' situation my dad never forgot all his life

Back then, private sector guys earned greater than government officials. Democracy was fresh and untainted unlike today that it has been through bastardisation

. On behalf of your dad, I still regret his actions.

A whole year's salary that was! I think the analyser up there thought it's a month's pay.

When the country in good shape. The humans ruling us here are 😈

Arrears Galore...


Meaning those money were also very huge!!!

The politicians have been milking this Nation from day 1...Non of them meant well for the common man..

This is the bitter truth