system21:

Another supporter of failed regime on the lose again. A bag of 50kg rice was N8000 before calamity (APC) befall Nigeria today it's over N60000 TODAY. Can you give us prices of commodities before and after IBB regime let compare it with calamitious APC

Ignorant kid, you went as far as 1978 but jumped over 1985 when IBB took over and institutionalized poverty in the country. Naira was badly devalued, inflation rose geometrically, debt was blowing up. People could barely feed themselves. It was also in his regime that black market became part of our system where corrupt politicians took dollars out of the official market into the black market to resell at higher rates. Till today, we have had to live with the black market. Comparing prices of commodities to 1985 is ridiculous, in which part of the world sells the same commodity in 2024 as was in 1985?. Ignorant child.

-kiss the truth!

TimeManager:

How did we get here?.
How can somebody with a brain skip an IBB era which was the begining of the economic disaster and then fly into 2024?, how possible?. Use your brain.

-kiss the truth!

You mean IBB that left office in 1993 is still the reason your currency lost over 200% value in 2024.
And you say you have a brain

nairalanda1:


The collapse of the naira was inevitable when the oil price crashed in 1982. Government tried delay tactics, but by 1989, the reality set in.

Yeah, oil price crashed before he took power, Saudi was particularly flooding the market with oil, thereby crashing the oil price. However, IBB's wrong economic decisions crashed the value of the currency.

-kiss the truth!

TimeManager:

Ignorant kid, you went as far as 1978 but jumped over 1985 when IBB took over and institutionalized poverty in the country. Naira was badly devalued, inflation rose geometrically, debt was blowing up. People could barely feed themselves. It was also in his regime that black market became part of our system where corrupt politicians took dollars out of the official market into the black market to resell at higher rates. Till today, we have had to live with the black market. Comparing prices of commodities to 1985 is ridiculous, in which part of the world sells the same commodity in 2024 as was in 1985?. Ignorant child.

-kiss the truth!

Black market actually started in 1982.
Besides, you're blaming IBB's devaluation, spiralling inflation, high debt and parallel market round-tripping to justify Tinubu's devaluation, spiralling inflation, high debt and parallel market round- tripping, how exactly does that make sense to you.

TimeManager:

Yeah, oil price crashed before he took power, Saudi was particularly flooding the market with oil, thereby crashing the oil price. However, IBB's wrong economic decisions crashed the value of the currency.

-kiss the truth!

Yes, but IBB did what most Nigerian leaders did, and still do. Rely on one source of income.

Agboriotejoye:

You mean IBB that left office in 1993 is still the reason your currency lost over 200% value in 2024.
And you say you have a brain

In your brain, do you think Naira could go back as strong as 1.80 to a dollar before he devalued it and then sold us out to the world lenders. If OBJ had destroyed it in 1978, one ignorant kid won't be opening a thread about the strength of naira in 1978.

-kiss the truth!

TimeManager:

Everyone knows the collapse of Naira started during the SAP regime of IBB and the person who introduced SAP to him was an igbo man who was his finance minister.

-kiss the truth!

Since you want to play the dumb ethnic card, the man responsible for SAP was Olu Falae then Secretary to the federal govt. He also became minister of finance in 1990

TimeManager:

In your brain, do you think Naira could go back as strong as 1.80 to a dollar before he devalued it and then sold us out to the world lenders. If OBJ had destroyed it in 1978, one ignorant kid won't be opening a thread about the strength of naira in 1978.

-kiss the truth!

Tinubu your god also just devalued the naira further in 2023. Yet you guys gave him a thumbs up.
IBB devalued to pander to the west. Tinubu devalued to pander to the west.
What's the difference?
Why flay IBB and excuse Tinubu?
Why oh man of corn 🌽

nairalanda1:


Yes, but IBB did what most Nigerian leaders did, and still do. Rely on one source of income.

Not entirely, remember that those before him didn't do that, infact, OBJ criticized him for the decision at the time. However, those who came after IBB did the same including OBJ who came back as civilian president ironically. Also remember that IBB relatively enjoyed the biggest oil windfall at some period, where IBB and his goons were amassing wealth. Do you know we were also paying subsidy on fuel at the detriment of our refineries?.

-kiss the truth!

nairalanda1:


Yes, but IBB did what most Nigerian leaders did, and still do. Rely on one source of income.

Maize be unto thee 🌽
IBB did not rely on only one source of income.
Nigeria was a fledging industrialised state as at when IBB took over.
It was actually Buhari that stifled industrial output with his ill-advised naira redesign policy of 1984.

TimeManager:

Not entirely, remember that those before him didn't do that, infact, OBJ criticized him for the decision at the time. However, those who came after IBB did the same including OBJ who came back as civilian president ironically. Also remember that IBB relatively enjoyed the biggest oil windfall at some period, where IBB and his goons were amassing wealth. Do you know we were also paying subsidy on fuel at the detriment of our refineries?.

-kiss the truth!

They all did...the oil boom of the 1970's made oil the main the main. At the end of the 1980's, everything rose and depended on the oil price.

By the start of 1993, we had a deficit.

Nigeria's problem is simple. We are not a exporter of manufactured goods and service. We rely on oil, so when oil crashes, our economy crashes. When oil shoots up, we have to pay the debt back once again.

Even before oil, we relied on cocoa, groundnut and palm oil, and tin, and gold, and a host of other stuff. Nice, but we sold the thing to industrial nations, who processed it for larger profits.

The question I always wonder of our leaders, (which is why I am not impressed with any one of our leaders since independence) is simple....what have we done with the resources we have? The truth is, we have not processed them into goods that we can sell at a price we set.

THat is why as far as I am concerned, Nigeria has never had good leaders.

(NO, I am not here to abuse you or anyone for the party they support, or defend any leader. Every voting period we hope the new guy would be different. They ain't.).

Nigeria is a resource dependent nation, and it needs to break free of its resource dependency.

I didn't know i was replying a troll.

-kiss the truth!

system21:

APC supporters has been programmed to believe that Nigeria economic woos due to importation of goods and not bad governance and corruption

what did this govt do "badly" that resulted in the fall of Naira?

Brace yourselves
What you guys refuse to do early, you will do when it gets out of hand, shey nobody wan protest , nobody wan die, una dey watch comedy and skit on tiktok, don't worry, it will get so bad that you will have no choice but to protest subsidy.
The government must have a plan abi?

Feldie:
what did this govt do "badly" that resulted in the fall of Naira?

Simple. They did not diversify, so they ran out of the money needed to keep the naira strong. Hence , they had to devalue or else....

(Yes, tinubu was part of the APC government from the word go in 2015).

Agboriotejoye:

Black market actually started in 1982.
Besides, you're blaming IBB's devaluation, spiralling inflation, high debt and parallel market round-tripping to justify Tinubu's devaluation, spiralling inflation, high debt and parallel market round- tripping, how exactly does that make sense to you.

Who institutionalized blackmarket if not IBB. I was giving a background to the collapse of the naira. You can't talk about the strength of naira in 1978 and then ignored the periods that kick started the begining of the weakness of naira. Take a backseat pls.

-kiss the truth!

nairalanda1:


Simple. They did not diversify, so they ran out of the money needed to keep the naira strong. Hence , they had to devalue or else....

(Yes, tinubu was part of the APC government from the word go in 2015).

And what executive position did Tinubu occupy in the last administration?.

-kiss the truth!

abhosts:
I am hopeful that Nigeria would one day rise from ashes and become a beacon of hope for the black race.

will never happen.

Baseless comparison!

system21:
The Nigeria of 1978, $13,100 was ₦10,220. What is the rate today? Bad leadership and corruption destroyed our economy.
Once upon a time in Nigeria, Naira was above dollar. That was when we were GIANT of Africa. Not anymore.
Then, $13,100 was ₦10,220
Today, $13,100 is ₦19,650,000.

Congratulations to all the supporters of failed government and corruption

Well.

Things can never get back to this again.

We just pray it stays at a place for now, without getting worse.

It is well

Bobloco:


What's the value of $13,100 in 1978?

You don't have any brain at all and I see why your father will always use koboko to decorate your back when you were a kid.

We are talking about the currency that has upper hand in exchange ,

MUMU....GOD FORBIDS.

eliyke:
dem go still attack you,dis days if u Dey waka 4 road some elderly women go Dey beg you 4 money,same people wey collect rice nd wrapper during election..nd dere children Dey nairaland 247 Dey defend same government,while dere parents Dey beg

Don't mind them, very shameless. they have forgotten how they shouted Emi lo kan. A mother who should be guiding the youth into the right part, is playing partisan politics for a wrapper and 3kg of rice. what a disgrace.

Come on people, the problem is not our present leadership but a failed system that has enabled the leaders to to failures.

From the way political parties are formed to the way candidates are nominated and voted during primaries, you will see the bullshit we pamper.

Now we have an electoral body that goes to bed after every election cycle, only to wake up when another cycle is about to start, only to continue from where they stopped.

We all need to challenge this system that has driven us to this point. We can't be exporting food when we lack adequate food, this will cause scarcity and scarcity will lead to inflation.

Let's wake up.

Pls does anyone know how I can transfer money at good rate from my local naira account to a foreign account abroad?

TimeManager:

And what executive position did Tinubu occupy in the last administration?.

-kiss the truth!

MUMU DOLLAR WAS 750 NAIRA WHEN HE STOLE HIS WAY INTO OUR LIVES.

TimeManager:

Everyone knows the collapse of Naira started during the SAP regime of IBB and the person who introduced SAP to him was an igbo man who was his finance minister.

-kiss the truth!

Don't be a nuisance bro it was the influence of the west that made ibb to devalue our currency stop blaming igbos for ur misfortune. Ibb was not under pressure what so ever when he made his decision. We are tired of these useless propaganda u carry around just because u want to justify ur failures.

Its now IBB because they showed 1978 data?

If there was no year indicated, you'd would have said it was Nzeogwu or Ojukwu or Ironsi or Azikiwe but because they were out by 1978, you now looked for a Northerner to blame.

Tinubu and Bubu are monumental failures

TimeManager:
Kids of nowadays, SMH!. When you stopped history in schools, this is what you get- ignorance!, blissful ignorance!. If you knew the level of great hardships that our parents went through during the period, you won't be here heaping a satanic worship on a man who initiated the begining of economic woes on Nigeria. With the introduction of SAP, IBB destroyed the economic foundation and progress of the country. In one fell swoop, naira was devalued by 500%, then up to 2000%, our debts increased to about $34billion, inflation rose to 54%. We could barely service our short term loans and thus, sellers overseas were reluctant to sell goods to us. Till today, we haven't recovered from SAP, IMF, World Bank captivities that IBB led us into and guess who was the Finance minister at the time, an economist and an ex-World Bank staff, Dr Kalu Idika. Kalu. If there's anyone that should be tied to stake and shot, it is these two evil geninuses.

-kiss the truth!

Bobloco:


What's the value of $13,100 in 1978?

₦0.78k

kokoA:
Nnamdi Azikiwe that forced us together na idoma man?

Forced una together as how? With bullets and machetes?

Tolumiide:


₦0.78k

Dollar value

kokoA:
Nnamdi Azikiwe that forced us together na idoma man?

nnamdi azikiwe is a ceremonial president, then prime minister is with power,read young man