₦airaland Forum

Zonefree:
Ogbomosho financial analyst 👏

balingaonline:
#50,000 yearly not monthly

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

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

ValarDoharis:
$2 was never equal to #1 in 1979.

Stops the embellishments

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

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.

helinues:
Who is this?

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.

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.

stagger:
My father's annual pay was N6000 in 1979. My mum was a housewife. We lived like kings and life was good.

Imagine someone earning N50,000 then. Politicians used to stack money in beer cartons and in those long caps popularized by Pres Shehu Shagari at the time. I speak as someone who was alive and in primary school then. I can do the comparison and I can tell you there is no difference.

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.

AleAirHub:
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.

Jayhome24:
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.

abc115:
Useless op ... what is the present value of money discounted to 40 years ago . They were earning more then than now

Shawarmagirl:
the four plots of land my dad bought for 10 thousand naira each plots in 1978, is worth 120m each plots now in GRA. My papa no gree sale am.

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

Sunnymatey:
This amount is PER YEAR, meaning his monthly pay should be around N466.67 only give or take.

Zonefree:
Omo, 50k in 1979 has much value than 200 million today.
This was a period where Peugeot 504 was sold for 3k..can u just imagine

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.