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Stats: 3,107,280 members, 7,667,507 topics. Date: Tuesday, 05 December 2023 at 01:27 PM
|Did Nigeria Make Profit Or Loss From The Recovered Abacha's Loot? by dogmart(m): 8:32pm On Aug 29, 2022|
Over few years now, Nigerians have been awed with the filtering news of bogus sums of money which was reportedly stolen/looted by the past military head of state General abacha, and kept in several offshore accounts.
With the periodic recovery of the "loot", many Nigerians have been outrightly happy and cant seem to hide their joy, considering the fact that Nigeria is presently in some serious financial mess at the moment, and we believe the fund is much needed at this moment.
Many even say Abacha should be celebrated and applauded for "saving" for us ahead of time.
Some went on to analyse the fact that he "saved" the billions im dollars when dollars was 88naira in 1993, and now dollars is over 500naira. Hence it was a very smart move
After taking careful thought of the matter i asked the economic question;
"Did Nigeria make profit or loss?"
|Re: Did Nigeria Make Profit Or Loss From The Recovered Abacha's Loot? by dogmart(m): 9:20pm On Aug 29, 2022|
Now lets take a critical look at the matter.
If $10m was stolen in 1993, and not invested. But just kept in a bank. What is the value or worth of that same money today?
1993 to 2022 is 29years.
If u take a critical look at things u will know that we are in deep shit.
The naira to dollar ratio cannot cover the magnitude of the mess.
What a million dollar would buy in 1993, a hundred million dollar may not be able to buy same today.
Money kept in bank depreciates over years. Not to talk of a 29years span.
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