₦airaland Forum

50k like 50Million now!

I wish both fuel and FX subsidy never entered our national expenses at all!

YAYAHA BELLO




comes to mind.



80.2billion in a day.

It is even for a year
#50,000 for the president.
This was when Nigeria was rolling in oil money and the wicked,foolish politicians said they didn't know what to do with the exorbitant money at their disposal.
What about building massive infrastructures and industries all over Nigeria.
No sir,they embezzled monies like kilode,making one and most of them richer than even Nigeria.
The money is still with them and Nigeria is borrowing money right,left and centre.


Today,a senator is earning almost #30 million a month..lol

2cato:
😳😳😳😳😳😳. There have been whispers about your lack of comprehension for some time, but I paid them no heed. Are you truly this way, how old are you by the way? You act and speak like a child,you know.

If Nigeria were overrun by invaders, its land seized by terrorists, and later the country celebrated retaking the territory initially seized, wouldn’t that be worthy of celebration?

The man you so casually label a “comedian” has accomplished more than you have or will ever achieve. It might behoove you to learn when to remain silent.

Direct your energies toward Africa’s affairs and amuse yourself there. This discourse is reserved for individuals who can think for themselves! 🤷🏼

helinues:
Who is this?

You need help @helinues.

helinues:
Go and help your uncles first

Imagine thee bunkum .


Seniorwriter

Unrelated fun fact:

Nigeria's estimated population in 1979: 70 million

Akinboboz:
Do you know how much 50k then was.... It can build massion and buy latest car then....

Na them from the brown roof region, as criminology dey for their body, they are ready to defend anything called crime. He's taking about building mansion and buying cars, but he refused to mention how good and safe people were living then. Ikpu Nkita

Then naira was strong like Arnold Schwarzenegger in his prime....

God bless Nigeria 🙏

4tomandchi:
Inflation is the main issue here why did our leaders after Abacha allow our currency to slide to the mud

You could buy a car in the 70s with 100 so 50k was huge money back then.

Between 1978 and 1998, the naira fell to the dollar by over 35x between 1998 and now, the naira has fallen to the dollar by over 71x. Clearly both are failures but it keeps getting worse.

4tomandchi:
Inflation is the main issue here why did our leaders after Abacha allow our currency to slide to the mud

You could buy a car in the 70s with 100 so 50k was huge money back then.

Due to broad daylight looting

Go back to 1979 then.

Go and check how much politician are paid in that same 1979 in UK , Germany, France, US etc compare to today then you will understand not only Nigeria change occurred to because many of you just don't reason and check things proper with the bran God gave you and started throwing insults.

I'm sick of complaining how much any damn politician earn its so annoying wasting my time on nonsense what matters to me is their performance not damn how much they take, anyone angry with their pay can pls go and join.politics ever since Biblical time life never balanced.

Is your dad wearing that same shoe, clothes he was wearing in 1979 today? It is only obi and buhari the only person I have ever seen in my life that claimed they are still wearing same clothes, same shoe, same boxer short, same cap, same wristwatch since 1930 till date and these 2 bitch are nothing but a glorify political scammers.

These people had always been supper paid form our taxes

Zonefree:
Omo, 50k in 1979 has much value than 200 million today.

Naira was more than dollar as at then

Seniorwriter:
You need help @helinues.


Seniorwriter

Go and help your uncles first

THE ONES THEIR NOW ARE THIEVES.



PAYING THEMSELVES WHATEVER THEY LIKE, U CANNOT EVEN MAKE ANY CORRECTION.

NATASHA WAS RIGHT THE PLACE IS RUN LIKE A CULT.

Akinboboz:
Do you know how much 50k then was.... It can build massion and buy latest car then....

Not just one lastest car but at least 2.

Stop this comparison.
60k will buy u a nice car, build u mansion and have lots leftover for girlfriends monthly

See how much #50,000 was in 1979

$1 = 0.596
That means #50,000 then = $83,892.62

Today
$1 = #1,533.23

That means if had kept #50,000 in dollors in 1979 today you be having #128, 626,681 (Approximately #129million naira)

DomPerignon:
And the exchange rate was $2 to #1. So the President was earning $100,000 per annum.

Adjusting for inflation, $100,000 in 1979 is equivalent to approximately $437,560 in 2025. This calculation reflects a cumulative price increase of about 337.56% over the 46-year period, based on an average annual inflation rate of 3.26%.

That's roughly what the US President earns annually.



Making a comparative analysis for today, with an exchange rate of #1,600 and 1979 #50,000 being worth $440,000 today, Shagari was earning approximately #690,000,000 annually as basic salary. Which comes down to approximately #60,000,000 monthly .

This is outside other allowances which would have seen an additional 150-200% additional sum to what the President took home. So Shagari would have been earning in today's economy at least the equivalent of 2025's #100,000,000 monthly or #33,000,000 weekly. With a 40hr week, this will be around #800,000 per hour.

#50,000 yearly not monthly

Akinboboz:
Do you know how much 50k then was.... It can build massion and buy latest car then....

Still far less than what they earn now

ObaaOfYorubaLan:
Na them from the brown roof region, as criminology dey for their body, they are ready to defend anything called crime. He's taking about building mansion and buying cars, but he refused to mention how good and safe people were living then. Ikpu Nkita

Leave am to his nonsense, a huge project like Hero beer brewery dem no get for that region yet they will be defending rubbish. Ikpu nkita.

Zonefree:
Omo, 50k in 1979 has much value than 200 million today.

Very correct, I remembered brand new ( no number with dust) Peugeot 504 was bought for lesser 5000 in 1982

Governors now receives 5 million monthly take home salary aside their allowances for the month. But that is a Governor salary.

$2 was never equal to #1 in 1979.

Stops the embellishments

DomPerignon:
And the exchange rate was $2 to #1. So the President was earning $100,000 per annum.

Adjusting for inflation, $100,000 in 1979 is equivalent to approximately $437,560 in 2025. This calculation reflects a cumulative price increase of about 337.56% over the 46-year period, based on an average annual inflation rate of 3.26%.

That's roughly what the US President earns annually.



Making a comparative analysis for today, with an exchange rate of #1,600 and 1979 #50,000 being worth $440,000 today, Shagari was earning approximately #690,000,000 annually as basic salary. Which comes down to approximately #60,000,000 monthly .

This is outside other allowances which would have seen an additional 150-200% additional sum to what the President took home. So Shagari would have been earning in today's economy at least the equivalent of 2025's #100,000,000 monthly or #33,000,000 weekly. With a 40hr week, this will be around #800,000 per hour.

Useless op ... what is the present value of money discounted to 40 years ago . They were earning more then than now

Quarterpast:
See How Much Politicians were earning during this period.

We can only achieve greatness as a country by the time we make politics financially unattractive. As long as the job is lucrative, politicians will continue to steal and do everything they can to get to power. Imagine a president earning just 200k-300k monthly salary, tell me if majority would be interested in being the president. By so doing, only people who have genuine interest in improving the lives of the masses would go into politics.

Though, one may argue that 50k salary for a president in 1979 was a huge amount. Yes, I agree. But we must be honest with ourselves, our politicians are being overpaid these days. They are being paid to do almost nothing.

OP, the amount recorded for the presidency at that time is now equivalent to about $80,000 in present-day Nigeria. Essentially, politicians—both past and present—have been draining Nigeria's treasury since time immemorial.

If my Dad could buy 504, Peugeot for 5500 naira in 1975 then that means 50k then can buy 4 of it with change remaining

So like dis now, I pass president sef. Maybe I be UNO secretary general.

Akinboboz:
Do you know how much 50k then was.... It can build massion and buy latest car then....

This was the same 50k they allegedly paid a colonel to assassinate a president back then

DomPerignon:
And the exchange rate was $2 to #1. So the President was earning $100,000 per annum.

Adjusting for inflation, $100,000 in 1979 is equivalent to approximately $437,560 in 2025. This calculation reflects a cumulative price increase of about 337.56% over the 46-year period, based on an average annual inflation rate of 3.26%.

That's roughly what the US President earns annually.



Making a comparative analysis for today, with an exchange rate of #1,600 and 1979 #50,000 being worth $440,000 today, Shagari was earning approximately #690,000,000 annually as basic salary. Which comes down to approximately #60,000,000 monthly .

This is outside other allowances which would have seen an additional 150-200% additional sum to what the President took home. So Shagari would have been earning in today's economy at least the equivalent of 2025's #100,000,000 monthly or #33,000,000 weekly. With a 40hr week, this will be around #800,000 per hour.

Take it easy. If you read the beginning of the article, you will see that it says 50k a year, not monthly.