Early in 1986, a new Ph.D. graduate appointed as a University Lecturer in Nigeria earned 7,550 naira a year. A family size loaf of bread at the time sold for 2.50 naira and national newspapers sold at 50 kobo.

In 1994, eight years later, a fresh Ph.D. graduate appointed to teach in the University earns only 17,731 naira per annum, but a national daily newspaper sells for 20.00 naira per copy, a family size loaf of bread sells for 50.00 naira, and a liter of petrol (gas), which sold for 39 kobo in 1986, now sells for 11.00 naira.

In 2014, twenty years later, a Ph.D lecturer in University earns nothing less than N3,000,000 per annum, a national daily newspaper sells for N200 per copy, a family size loaf of bread sells for N300, and a litre of petrol sells for N97.

Nigerians, what could be our FATE years to come if corrupt leaders are allow to rule us? Hardship?

For instance, before SAP began in 1986, one dollar exchanged for 77 kobo. When SAP began later that year the dollar exchanged for 1.756 naira and the main complaint among corporate executives was that there was insufficient foreign currency (e.g., dollars) to exchange for the volume of naira available.

As the dollar exchanged for more naira, companies became cash-strapped; they could not get enough naira to exchange for dollars. Majorly, the whole country resort to importation and our presidential system does not favour our economy. Our economy is not favourable to common man.

However, Truth is one stubborn thing, whether one acknowledges it or not, it holds empirical solution to every challenge to mankind.

Therefore, the way out of our trouble is a return to federalism. Let's vote out government that lacks vision. In practical terms, federalism means, among other things, state police, resource control and massive devolution of power from the centre. It means less money for the federal government and more money for the other levels of government. Let every state or geo-political zone or region cater for itself and assign some powers to the centre where matters of common interest are concerned—like defence, currency and diplomacy. This is paramount at this dispensation and will allow for healthy competition and creativity among the components units.

Let's support FEDERALISM and make our DREAMs reality!

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This table shows the historical value of one U.S. Dollar in Nigeria (PM-Parallel Market).

Naira.
1972. - 0.658
1973. - 0.658
1974. - 0.63
1975. - 0.616
1976. - 0.62
1977. - 0.647
1978. - 0.606
1979. - 0.596
1980. - 0.550
1981. - 0.610
1982. - 0.673
1983. - 0.724
1984. - 0.765
1985. - 0.894
1986. - 2.02 (3.90PM)
1987. - 4.02 (5.90PM)
1988. - 4.54 (6.70PM)
1989. - 7.39 (10.70PM)
1990. - 7.39 (10.70PM)
1991. - 8.04 (9.30PM)
1992. - 9.91
1993. - 17.30 (21.90 PM)
1994. - 22.33 (56.80 PM)
1995. - 21.89 (71.70 PM)
1996. - 21.89 (84.58 PM)
1997. - 21.89 (84.58 PM)
1998. - 21.89 (84.70 PM)
1999. - 21.89 (88-90 PM)
2000. - 85.98 (105.00PM)
2001. - 99-106 (104-122PM)
2002. - 109-113 (122-140PM)
2003. - 114-127 (135-137PM)
2004. - 127-130 (137-144PM)
2005. - 132-136
2006. - 128.50-131.80
2007. - 120-125
2008. - 115.50-120
2009. - 145-171
2010. - 148.21-154.8
2011. - 151.05-165.1
2012. - 155.09-161.5
2013. - 153.21-162.9

www.nigerianewspool.com/index.php/home/10-finance-a-budgeting/879-naija-web-library-01614-implications-of-currency-devaluation-in-nigeria-report

www.web.mit.edu/africantech/www/articles/PlanningAdjust.htm

.

You're blaming gej for something that started in 1973?

Why are you being defensive? Was GEJ ever mentioned anywhere? Omo eebo, keep chasing shadow.

[s]

Ikengawo:
You're blaming gej for something that started in 1973?

[/s]

Sirniyeh,
I do not understand your grouse.
From the figures you posted, in the period 1986-date:
the price of petrol has increased 250X
while the salary has increased 400X.

Income is keeping pace with inflation.
Is there any other point you want to make?
It is not clear to me.
Is your grouse the productivity (or lack of) of the Nigerian worker?

Who remembers the next big thing, the Aluminium Smelting Plant Ikot-Abasi?
Who ran it down?

tit:
Sirniyeh,
I do not understand your grouse.
From the figures you posted, in the period 1986-date:
the price of petrol has increased 250X
while the salary has increased 400X.

Income is keeping pace with inflation.
Is there any other point you want to make?
It is not clear to me.
Is your grouse the productivity (or lack of) of the Nigerian worker?

Who remembers the next big thing, the Aluminium Smelting Plant Ikot-Abasi?
Who ran it down?

Lol the guy doesn't even realize his second figure for todays salary and cost would mean that income has surpassed costs and inflation lol. Anyways its true, I remember when poor families couldn't afford to give each child more than 3 pairs of clothes, but those days are gone.

tit:
Sirniyeh,
I do not understand your grouse.
From the figures you posted, in the period 1986-date:
the price of petrol has increased 250X
while the salary has increased 400X.

Income is keeping pace with inflation.
Is there any other point you want to make?
It is not clear to me.
Is your grouse the productivity (or lack of) of the Nigerian worker?

Who remembers the next big thing, the Aluminium Smelting Plant Ikot-Abasi?
Who ran it down?

all the APC cyber bedbugs are now economist just to interprete historical economic figure just to insult gej. As the chief APC cyber bedbug rightly put that gej has been ruling nigeria since 1960

2cato:
all the APC cyber bedbugs are now economist just to interprete historical economic figure just to insult gej. As the chief APC cyber bedbug rightly put that gej has been ruling nigeria since 1960

lol it looks like when apc tried to venture beyond "clueless" and "daft" the results are disastrous. This guy doesn't even understand that you in his devaluation timeline, buharis devaluation was included

Ikengawo:
lol it looks like when apc tried to venture beyond "clueless" and "daft" the results are disastrous. This guy doesn't even understand that you in his devaluation timeline, buharis devaluation was included

lol

2cato:
all the APC cyber bedbugs are now economist just to interprete historical economic figure just to insult gej. As the chief APC cyber bedbug rightly put that gej has been ruling nigeria since 1960

Keep your mouth shut