Shehu Shagari Regime: See Nigerian President’s Salary In 1979

In the year 1979, the national assembly approved the sum of N50,000 as salary for the president.

The national assembly in 1979 also approved the increase in salary of all public officer and holders. That of the president was significantly high to the others N50,000 to N30,000

Calculating the amount and comparing it to how much it is worth in Nigeria as of 1979, shows that purchasing power of N5 as at 1979 is the same as the purchasing power of N1000 today.

See pictures below:

See Netizens reaction:

GanagiBitrus:

That’s about 45yrs ago.

Meaning at the rate we are going, in 45years time, President’s salary may be about ₦5b.

Sublimesuccess:

Hmmm

That was when my father bought a brand new car for less than #4000. So the annual salary of the president then would buy almost 13 of such cars. Imagine selling that car for 8 million naira in our own time and a modern day president can afford to buy 13 such cars with his BASIC SALARY of 104 million naira. There was corruption then as well.

Even the cover price of the newspaper should tell you something. That newspaper cost 15k then, now it is #300. If you divide #50000 by 15k, it’s the same result you get by dividing #100 million by #300, the current price of the newspaper, and I don’t even think the official salary of the modern day president is up to #100 million. For the president nowadays to buy the same number of newspapers the annual salary of the president then could buy, he must earn #100 million annually. Let’s be relative with the way we think.

Likewise I saw people thinking that the man selling roasted corn in London had struck gold by selling one for £1. Converting the money into naira is a fairy tale. A bottle of coke there is about £2. Imagine selling one cob of corn for £1 and buying a bottle of coke for £2! It’s like garbage in, garbage out.

Based on the values copied from Wikipedia below,in 1979, $1=60k, therefore #50,000 then in 1979=$83333.

Let’s convert the $83333 back to naira in 2024 when $1=#1235 based on the table, $83333=#103 million. So #50000 then and #103 million today are equal!!! Cutting it down further, #5 in 1979 and #10000 today have the same purchasing strength.

Gajagojo:

a year?

A month. In Nigeria, they pay monthly. That was when the slogan “My take home pay cannot take me Home” was coined by ASUU.

G0odharddick:

50k was block as of 45years ago.

Nowadays they don’t have salary structure, they just loot, reloot and store the money around every corners of the world 🌎

Sadly Nigerians are badly missing GEJ