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My @GuardianNigeria column today is about this consistent attempt by the current ruling party to paint the Abacha days like they were some Nirvana - bit.ly/2GjO7Cz
Glorifying the Abacha era is dangerous, so let me give a practical example.
Glorifying the Abacha era is dangerous, so let me give a practical example.
Remember Bazooka Joe chewing gum?
Consider the price at 50 kobo when Abacha came in 1993. By the end of '93, given the inflation rate, the price was 79 kobo. By '94, it was ₦1.23. End '95, it was ₦2.13, '96 it was ₦2.76, '97, ₦2.99, and in Abacha's final year, it was ₦3.29.
Consider the price at 50 kobo when Abacha came in 1993. By the end of '93, given the inflation rate, the price was 79 kobo. By '94, it was ₦1.23. End '95, it was ₦2.13, '96 it was ₦2.76, '97, ₦2.99, and in Abacha's final year, it was ₦3.29.
Of course, being #Nigeria, the decimal points would be rounded upwards.
At the end of Abacha's time, Nigeria's GDP per person at today's exchange rate was ₦93,080, meaning that the average Nigerian earned ₦7,756.67 per month, or ₦254.84 per day.
At the end of Abacha's time, Nigeria's GDP per person at today's exchange rate was ₦93,080, meaning that the average Nigerian earned ₦7,756.67 per month, or ₦254.84 per day.
Even if we use Abacha's enforced exchange rate, it still comes to ₦15.66 per day as the earnings for the average Nigerian.
That calculation comes to $0.71 per day, which is way below the UN's poverty gap ratio of $1.25 per day.
Is that what we should be glorifying?
That calculation comes to $0.71 per day, which is way below the UN's poverty gap ratio of $1.25 per day.
Is that what we should be glorifying?
Before you cast your vote on Saturday, think of how far we have come from those days, and flee from those who want to take you back there.
A word is enough for the wise...
A word is enough for the wise...
