NewStats: 3,261,630 , 8,174,565 topics. Date: Thursday, 29 May 2025 at 08:30 PM 4o5z5c

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.

https://punchng.com/n40000-in-2015-equivalent-to-n500000-now-dagogo/

Our naira has really depreciated this much

From frying pan to fire

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.

APC is a destructive party

COMRADES, honestly, sometimes when I assess the weakness of the Naira currently, I shroud and shake my head in disbelief

T

They promised us that more sacrifices are to be made before Nigeria go better.

3 years to go.

Not a prophet of doom but at this rate, before the end of this year, ₦100 will become worthless like ₦10.

It has never been this bad i never for once imagine myself being rule by agents of poverty (APC) how will we overcome this

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

Imagine

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

#40,000 in 2015 is about #360,000 now

Dr Farah Dagogo is 100% right.

It’s not this bad. He should stop lying.

Noted .

madridguy:
Dr Farah Dagogo is 100% right.

And you are wicked and heartless for ing the governments that did this without remorse....

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.

Under Tinubu? It is very obvious you people don't know the type of person you ed into office...

Tinubulation...na statistics we go chop?

The president governors and lawmakers should be on minimum wage

And we still have apc die hard ers

Isn't this the ex-militant and alleged chief oil bunkerer?

Wonders shall never end they say.

People that contributed to the rot Nigeria is will suddenly start caring for the masses and turn to saints overnight.

APC tribulation

Cancel anything APC at all level

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

The wickedness of the Yorubas is what kept Nigeria where it is today, how you may ask?


Northern Nigeria (Northwest and Northeast) are like ignorant babies, they don't know much, most of their political mistakes is as a result of ignorance, illiteracy and Islamic religious extremism which their few enlightened elites used to control their masses for political gains.


But Yorubas who are far more enlightened and exposed just like Igbos intentionally refused to what is right and just for Nigeria to progress, they keep on seeing Nigeria as a battleground between them and Igbos, and for this, Yorubas have continued to play politics of spite and prejudice by intentionally aligning with failed Northern politicians like Buhari just so they can use the opportunity to align with the North to outsmart and outdo Igbos in national politics.


Just check this timeline and see what destroyed Nigeria:


Buhari removed Shagari and installed himself and Idiagbon a Yoruba man as vice.

They messed Nigeria up and IBB had to oust Buhari to take over.


IBB handed over to Shonekan a Yoruba man.

Abacha removed Shonekan and took over.

Abacha died and Nigeria returned to democracy in 1999, a Yoruba man Obasanjo with Atiku a Fulani man were elected to become President and Vice.

Obasanjo helped Yaradua a Fulani man to become President with Goodluck an Ijaw man as his Vice.

Yaradua died, Goodluck became President with Sambo a Fulani man as his Vice.

Yorubas ganged up with Hausa-Fulanis to push Goodluck an Ijaw man out of power promising to make Nigeria heaven on earth.


So Buhari a Fulani man with Osinbajo a Yoruba as Vice emerged.


They messed Nigeria up that Nigeria became a laughing stock to the whole world, insecurity became so unbearable.


If Yorubas were a just thinking tribe who have justice, equity, fairness and love in their heart, the right thing.they should have done was to forces for once with Igbos to try an Igbo man Peter Obi as President so we can see the outcome but hell no, they painted this one time an Igbo man contested with massive Igbo as a tribal war between Yoruba and Igbo


It is well.oh



Dear Yorubas, make una search una conscience oh, there are power beyond that controls this world, make una sha de careful, time changes a lot of things, time will tell

thanks to Tinubu and his useless policies

AgberoEconomics of Floating the Naira

Na true o

Under this APC.....keep dreaming

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.

First class ant in da mud

The coming of APC had spelt more hardships on Nigerians than ever in history.
To think less of how they wickedly and vehemently vied for power.

Tinubu should just delete #10, #20, and #50, from circulation they are worth nothing anymore.
Then let him turn #100 and #200 to coins.
Let him retain #500, #1,000 and print #2,000, #5,000 notes..

We can just help him begin the journey that way

In 2015, it was 1$ to N250 so N40,000 was $160. Today, $160 is N240,000. So 40k in 2015 is 240k now. Contextually, 1 bag of cement in 2015 cost N2,000 so N40,000 would buy you 20 bags of cement in 2015. Today, a bag of cement is N12,000 and to buy the same 20 bags, you will need N240,000.
Thank you

No Dagogo, you're not correct. $1 is equal to One naira. We must teach Peter Gregory Obi a bitter lesson.