Tundexxy:
See all these comment above.....smh!

Whether you like the administration or not...staff are happy for the new implementation... 12k have a long way to go in some people life..... Dollar bla bla bla... come to reality.. We no spend dollar in Nigeria, we spend naira

Just thank your head for your situation!

except that when u want to buy an ordinary standard hdtv (1080p) u can not even afford it because you don't spend dollars , that day you will log on to amazon or AliExpress, convert the dollar price to naira and realize you have been scam by federal government

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

the bulk of the products we buy in this country are imported...food, fuel, medicines, etc, hence the dollar comparison is very apt.

Temiel:


I'm just thinking, if as at now 30,000 = $82
What will 18,000 be in dollars now?

18000 naira is not up to 45dollar...

youghs:


Nigeria's import in 2018 was 13.13tn while our total consumption was at least 110tn,,how is dat 90 percent...So between me n u wu go skul...Get ur fact from reliable source like NBS n d likes n nt from street talks�..D only thing is dat we import strategic economic products such as petrol etc...

You do have a point. People are fund of brandishing made up statistics and using it to defend wild ideas

Even if the imported goods are eventually sold at double the cost, it is still far off from the wild stats he mentioned

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

In Nigeria, a man started work in the civil service in 1983 with a salary of #500 =$700. He retired in 2016 on a salary of 180,000=$500. For 33 years he was slowly and consistently moving backward.

The wisdom is use your naira to buy dollar to save to avoid been economically cheated by this trend.

kitaatita:


Medium of exchange in Nigeria is the Naira. Why must we convert Everything to the dollar

Economist always want to know whether an increase is in real terms. This is a crude way of finding out.

Let me use Nigeria's economic growth rate. It is predicted to grow by 2.5% every year for the next 4years.

But the Nigerian population is growing by 2.6%. To know if it is growing in real terms simply deduct the population growth rate from the economic growth rate. That is 2.5% - 2.6% = 0.1%. So in real terms growth is -0.1%. That means every year for the next 4 years Nigeria will grow poorer.

If population growth was 1% like Bangladesh that means real growth will be 2.6%- 1%=1.6%

Reference:
Oga go and sit down. Typical Nigerian, always looking at financials from the expenditure side of things only. From the Gowon era and his now infamous, 'our problem is how to spend it' to the present. Nigerians will NEVER look at the income/earnings side. They will always be comparing their earnings with 'senators' or citizens of developed countries. Ask them if they produce a fraction of what those they compare themselves with and you receive 'no answer'. Police will say they collect bribe because they earn far below those in the United States....nonsense. But everyone does it. They cannot teach, treat, build, administer justice, sweep streets, run, climb, drill, carry, trade.... because they donot earn enough. Is it not work that makes money again...

That is why it is so easy for failed politicians to swindle them of power without getting any concrete, tangible return. Within the time span quoted what has Nigeria done to increase productivity and earnings to be able to give itself a raise. You can only pay yourself from what you earn. The alternative is either to borrow (to live a fake life, a life of subsidies in power, fuel, schools, hospitals, like we have been doing for decades) or steal (as you point out - from the citizens).

Irrespective, Nigerians are irresponsible hypocrites.The day we wake up and take charge of this country and our destiny being active, responsible and engaging citizens the way nationals of other countries are, then we will know what to do to change our fortunes. I repeat again. Government is just a nomenclature for a group of people whose responsibility is to organise society, period. It is the quality of the society that determines its experiences. Nigerians are poor because we have an abundance of lazy, ignorant, corner cutting citizens whose penchant for blaming everything and everyone except themselves is legendary.

Oga. Within the time frame quoted what have we done to diversify the economy. What have we done to DEMAND government organises us around alternative sources of income outside oil. Even within the sullied oil mono economy to keep up with inflation we should be producing something like 4 million barrels of oil a day, something near impossible. So where will the money to pay raise come from... I tell you.... hear this. The stripping of assets, the mortgaging of the future, the crushing of what is left of the middle class. This country is effectively slaving for government employees.

you have spoken well

grandstar:


Economist always want to know whether an increase is in real terms. This is a crude way of finding out.

Let me use Nigeria's economic growth rate. It is predicted to grow by 2.5% every year for the next 4years.

But the Nigerian population is growing by 2.6%. To know if it is growing in real terms simply deduct the population growth rate from the economic growth rate. That is 2.5% - 2.6% = 0.1%. So in real terms growth is -0.1%. That means every year for the next 4 years Nigeria will grow poorer.

If population growth was 1% like Bangladesh that means real growth will be 2.6%- 1%=1.6%

you have said it all