Dr. Farah Dagogo, a former member of the House of Representatives, warned of Nigeria’s deteriorating economic conditions in a report published by Vanguard on Saturday, June 20, 2024, claiming that the nation is going through its worst hyper-inflation in history. Dagogo claims that there has been a significant decline in purchasing power, with ₦40,000 in 2015 being worth more than ₦500,000 in 2024.CONTINUE FULL READING>>>>>
Dagogo lamented that the cost of goods and services has skyrocketed, making it difficult for citizens to afford basic necessities.
He emphasised that the situation is grim and unprecedented, even surpassing the economic hardships experienced during the civil war. Dagogo’s remarks highlight the urgent need for economic reforms and a living wage to alleviate the suffering of Nigerians.
“Today, yesterday, and especially in the past year, the people’s purchasing power has been drastically reduced. Never has this country witnessed this level of hyper-inflation in its history, not even during our civil war. It is a grim reality.
“The value of ₦40, 000 in 2015 is equivalent to over ₦500, 000 in today’s Nigeria of 2024. Criss-cross the costs of goods and services during this period and vis-à-vis the reality of today, and we will all come to that sad realization. That was why labour was justifiably demanding a living wage.CONTINUE FULL READING>>>>>