₦airaland Forum

Eight presidents, 25 years, one pattern, prices climb, incomes crawl. In the marketplace of Nigerian democracy, the currency we trade is trust, and it’s losing value even faster than the naira.

𝗧𝗛𝗘 𝗣𝗨𝗥𝗖𝗛𝗔𝗦𝗜𝗡𝗚 𝗣𝗢𝗪𝗘𝗥 𝗢𝗙 𝗡𝗜𝗚𝗘𝗥𝗜𝗔𝗡𝗦 𝗕𝗬 𝗚𝗢𝗩𝗘𝗥𝗡𝗠𝗘𝗡𝗧

The Purchasing Power of ₦10,000 at the start of tenure and its equivalent at the end of tenure:

𝗢𝗕𝗔𝗦𝗔𝗡𝗝𝗢 [𝟴𝗬𝗥𝗦] — The purchasing power of ₦10,000 at the start of the tenure was equivalent to ₦24,348 at the end of tenure.

𝗬𝗔𝗥'𝗔𝗗𝗨𝗔 [𝟯𝗬𝗥𝗦] — The purchasing power of ₦10,000 at the start of the tenure was equivalent to ₦14,029 at the end of tenure.

𝗝𝗢𝗡𝗔𝗧𝗛𝗔𝗡 [𝟱𝗬𝗥𝗦] — The purchasing power of ₦10,000 at the start of the tenure was equivalent to ₦16,229 at the end of tenure.

𝗕𝗨𝗛𝗔𝗥𝗜 [𝟴𝗬𝗥𝗦] — The purchasing power of ₦10,000 at the start of the tenure was equivalent to ₦31,908 at the end of tenure.


𝗧𝗛𝗘 𝗣𝗨𝗥𝗖𝗛𝗔𝗦𝗜𝗡𝗚 𝗣𝗢𝗪𝗘𝗥 𝗢𝗙 𝗡𝗜𝗚𝗘𝗥𝗜𝗔𝗡𝗦 𝗦𝗜𝗡𝗖𝗘 𝗠𝗔𝗬 𝟭𝟵𝟵𝟵

The Purchasing Power of ₦10,000 at the start of Democracy in 1999 and its equivalent by Dec 2024 before CPI was rebased:

𝗔𝗟𝗟 𝗜𝗧𝗘𝗠𝗦
May 1999 — 31.0
Dec 2024 — 867.8
Inflation rate: 2,704%

The purchasing power of ₦10,000 at the start of Democracy in 1999 is equivalent to ₦280,369 in Dec 2024.

𝗙𝗢𝗢𝗗 𝗜𝗧𝗘𝗠𝗦
May 1999 — 35.9
Dec 2024 — 1,105.5
Inflation rate: 2,976%

The purchasing power [Food] of ₦10,000 at the start of Democracy in 1999 is equivalent to ₦307,569 in Dec 2024.

💡 𝘼𝙨 𝘿𝙚𝙢𝙤𝙘𝙧𝙖𝙘𝙮 𝙖𝙙𝙫𝙖𝙣𝙘𝙚𝙨 𝙞𝙣 𝙉𝙞𝙜𝙚𝙧𝙞𝙖, 𝙩𝙝𝙚 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙞𝙣𝙜 𝙋𝙤𝙬𝙚𝙧 𝙤𝙛 𝙉𝙞𝙜𝙚𝙧𝙞𝙖𝙣𝙨 𝙧𝙚𝙙𝙪𝙘𝙚𝙨.

https://x.com/StatiSense/status/1954128956593999923
https://x.com/StatiSense/status/1954138332382076995
#Statisense
(Consumer Price Index, NBS)

The difference this current government achieved in 2 years is more than all of all that put together.

Lets crown this administration already.

They won flawlessly.

The worst ever

Take away their recruitment source, reduce their purchasing power and slow down the economy." Bola Tinubu

The difference is crystal clear. Those who made it worst for Nigerians knows themselves

Please don't make racist and tribalistic comments on this section


Shey na statistics we go chop...now Agbadorians can see statistics dont lie. Enough of all these Sycophancy.


Seems mod dy historical mood today...so many historical trends. GenZ go think say na AI.

APC has been a curse on Nigeria.

I can't imagine what it will be after tinubu's tenure.

They just wanted power not solution to the problems of Nigerians.

na why one person ask whether "na statistics we go chop" cos words lie, numbers dont.

Upon how Jonathan was reviled by APC and their miscreants, his record can't even be touched by Buhari and Tinubu.

This is the kind of variable indicator of how political parties have performed throughout the present democracy and a reminder that majority of those who support APC is either mischievous, ignorant or outright unpatriotic ....supporting the worst party to govern the country is not only wickedness but outrightly witchcraft of the highest order against this country....APC have failed Nigeria 🇳🇬 beyond redemption......and a greed of one man brought us to this sorry state....when people in this forum start to defend APC, I will always shake my head because is only lost souls that could defend people who are making life difficult for majority of citizens....if not rigging there's no way majority of citizens who are suffering presently will dare vote APC in 2027 except APC somehow perform miracle of increasing the purchasing power of citizens...which I doubt they're capable of doing....

Under Association of Perpetual Criminals, life has become more unbearable and things are harsh for many people.

This is as a result of bad leaders who we have unfortunate to have at the helm of affairs over the years,I think at this point it is fair to say that Jonathan was the best democratically elected president Nigeria has ever produced since we started practicing democracy,

It’s quite unfortunate to see how things have changed over the years😢

I am sure it is currently at over 100k
Long live Nairaland and all Nairalanders. 40 characters achieved

𝘼𝙨 𝘿𝙚𝙢𝙤𝙘𝙧𝙖𝙘𝙮 𝙖𝙙𝙫𝙖𝙣𝙘𝙚𝙨 𝙞𝙣 𝙉𝙞𝙜𝙚𝙧𝙞𝙖, 𝙩𝙝𝙚 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙞𝙣𝙜 𝙋𝙤𝙬𝙚𝙧 𝙤𝙛 𝙉𝙞𝙜𝙚𝙧𝙞𝙖𝙣𝙨 𝙧𝙚𝙙𝙪𝙘𝙚𝙨

You tied the decline to democracy and not something else known as CORRUPTION we all know is ths actual cause of the decline. Are you paid by military despots?

So basically ₦10k don start as small bag of rice and end as two derica of garri. Democracy dey advance, but our money dey reverse.

It’s a big shame to the leadership that after decades of democracy, the purchasing power of Nigerians continues to collapse. Without bold fiscal discipline and economic reforms, inflation will keep eroding real incomes and deepening hardship

The current government has already flawed all of them in just 2 years.
Worst so far.

APC only knows how to move backwards. Only few Nigerians (the elites benefitting and the tribalistic) are happy with them.

Tinibu owns no even need enter book again

Cod we dey pack am on the street already 😂

klismann12:
This is as a result of bad leaders who we have unfortunate to have at the helm of affairs over the years,I think at this point it is fair to say that Jonathan Yar'adua was the best democratically elected president Nigeria has ever produced since we started practicing democracy,

Check the data again...

It was Umaru who brought down inflation significantly than he met it.

Indeed, numbers don't lie!

DrMB:
Eight presidents, 25 years, one pattern, prices climb, incomes crawl. In the marketplace of Nigerian democracy, the currency we trade is trust, and it’s losing value even faster than the naira.


https://x.com/StatiSense/status/1954128956593999923
https://x.com/StatiSense/status/1954138332382076995
#Statisense
(Consumer Price Index, NBS)

What this simply means is that in 25 years Nigerians have been unable to use the instrumentality of democracy to better their lives.

Not one, not one, not one subsequent year, government or political tenure has been better than the previous one, that is the one it replaced which clearly shows a detachment of electoral choices from the reality of quality governance. Meaning that Nigerians by and large have been voting for the wrong reasons.

And until integrity, knowledge and performance becomes the only, the only, the only criteria for empowering people at the ballot to superintendend over institutions, the decline will continue as sure as the sun rises.

Unfortunately up till yesterday night the signs through the polity and civil space, as a matter of fact. in our everyday lives paints a retention of the dark tunnel we seem unable to get out of.

Unfortunately, some people still praise this suffering generated government as the best thing to happen to Nigeria.

And to worsen it up, one griller praised him for complete 8 years on an empty stomach, and now several mannequin have continued from the griller...... what a shame

Na wa o

I never thought in my life time that this astronomical raise was possible in Nigeria. We read about it in the likes of Zimbabwe and what not , believing that we as nigerians would never accept it

But alas

We see the quiet acceptance of poverty and hardship. The gap btw the rich and poor gets wider every day

Even with the glaring failure APC still have people supporting them and to me, is it that they don't feel the suffering of people or what

Successive governments in Nigeria have always been worse than their predecessors.
The only way to reverse this trend is to do something drastic & different from status quo.

We can't continue repeating same thing & expect a different result.

Unfortunately, Tribalism & Religious sentiments will not allow us to do the needful.

Tinubu already said he will reduce the purchasing power of the people... That is his demonic policy which he clearly told the daft emilokan sympathizers.... E no go better for anybody wey hear that wicked statement and still supported him... Thief!

This tenure fit end with N10000 - N1000000. If 2nd tenure commence na like N10000000

klismann12:
This is as a result of bad leaders who we have unfortunate to have at the helm of affairs over the years,I think at this point it is fair to say that Jonathan was the best democratically elected president Nigeria has ever produced since we started practicing democracy,

I am happy that Nigerians are beginning to see this fact. That out of all the poor quality leaders Jonathan stood head and shoulders above them all. I said it on this forum about ten years ago and for two reasons.

One as relating to restructuring (which I have said for decades is the only way out of terminal decline of Nigeria as a state). He was the only one with half the courage to establish a confab to discuss the how, where and why, the bolts and nuts of a functional nation.

Two, as relating to his willingness to respect the wishes of the people to have another leadership through the ballot and in doing so acknowledged that he did not meet with their expectations, i.e he admitted he failed in making their lives better.

If these two ideals had been repeated after him over the course of the past decade. If those two ideals can be replicated today and in the future, this country will stand a chance of reversing it's fortunes and perhaps become great one day.

It is over to the people to determine their future by voting according to their present experiences only and the government of the day to honourably accept their decisions.

DrMB:
Eight presidents, 25 years, one pattern, prices climb, incomes crawl. In the marketplace of Nigerian democracy, the currency we trade is trust, and it’s losing value even faster than the naira.


https://x.com/StatiSense/status/1954128956593999923
https://x.com/StatiSense/status/1954138332382076995
#Statisense
(Consumer Price Index, NBS)

what lazy ppl get voting for awoof

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alphaconde:
The difference this current government achieved in 2 years is more than all of all that put together.

Lets crown this administration already.

They won flawlessly.

The worst ever

not really but go on


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Ovo200:
APC has been a curse on Nigeria.

I can't imagine what it will be after tinubu's tenure.

They just wanted power not solution to the problems of Nigerians.

PDP nko
Short

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klismann12:
This is as a result of bad leaders who we have unfortunate to have at the helm of affairs over the years,I think at this point it is fair to say that Jonathan was the best democratically elected president Nigeria has ever produced since we started practicing democracy,

it is not fair to say a clueless man was the best

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njokuuche77:
So basically ₦10k don start as small bag of rice and end as two derica of garri. Democracy dey advance, but our money dey reverse.

It’s a big shame to the leadership that after decades of democracy, the purchasing power of Nigerians continues to collapse. Without bold fiscal discipline and economic reforms, inflation will keep eroding real incomes and deepening hardship

Just going to ignore 32 years of military rule ba