Connect with us

Uncategorized

 Trillionaires are coming

Published

on

 
 
BY VICTORIA NGOZI IKEANO
victoriangozii@gmail.com 08033077519
 
As far back as we can remember, way back before the oldest person  was born, the richest, wealthiest persons on earth used to be called ‘millionaires’. A million naira is one thousand naira in one thousand places. That is, one thousand naira….200,000 naira……..N400,000, N500,000…..N700,000….N900,000 and then N1000,000 (one thousand, thousand naira). This was a huge amount. Very few Nigerians belonged to this elite group of millionaires at the time. Amongst Nigeria’s earliest Millionaires was Sir Louis Odumegwu-Ojukwu a transport magnate.
 
   Nigeria’s indigenisation policy of 1975 brought more northerners into the Millionaires’ club. At the time Nigeria’s annual budget used to be in tens and later hundreds of millions of naira.  The oil windfall that greatly increased Nigeria’s revenues together with the ‘Udoji awards’ (upward review of civil servants’ salaries and wages accompanied with bumper arrears) multiplied workers’ purchasing power. Recall that Nigeria changed to indigenous currency in 1973, known as naira and kobo. Until then we were using the British pound and shilling. Then, counting changed from multiples of 12 to multiples of ten which made/make arithmetic easier. Head of state at the time, General Olusegun Obasanjo in 1976 (half a century ago) introduced the N20 note as Nigeria’s highest currency denomination. Other higher naira notes have since been introduced, namely, N100, N200, N500 and N1,000. Attempt to introduce a N5,000 note few years ago was unsuccessful due to general concerns. It was seen as an action that would majorly benefit the elites in view of their expensive lifestyles.
 
 However, I believe that it is only a matter of time, in less than ten years hence, before the N5,000 note comes on board. I also believe that in our lifetime we may see way higher currency notes like N10,000. These projections are based on market trends. Ultimately, I foresee a ‘recalibration’ of our currency as former CBN governor, Charles Soludo once attempted years ago and as Ghana did years ago too. With the ‘recalibration’, N1,000 may be equal to N100, N5000 N500 and so on and so forth. With each introduction of a higher denomination note, the lowest cadre ones become almost worthless in terms of what they can buy in our markets.
 
    For example, does anyone still remember that we used to have kobo coins, the highest and latest at the time being 20 and 25 kobo coins? These have been practically effaced from our memory, the kobo coins have long become antiquated. As at today, the ten naira and 20 naira notes though still being printed by the authorities, cannot buy you anything in any market. The least commodity you can buy with the N50 note is sachet water. This was something that used to be sold for just N5 a few years ago, then N10 and later N20 not long ago. In a supermarket the smallest product that N100 can fetch you is sweet and biscuits — for kids really. To be able to cook a good pot of soup in today’s Nigeria, you would need about N10,000. A bottle of mineral drink that cost just N50 previously now goes for N500. And whereas you could once fill your car tank with only N5,000, you need N40,000 to N50,000 to do so now.
 
The small time businessman/businesswoman now trades in hundreds of thousands of naira while the average businessman does so in millions of naira. For this group and their ilk, being a millionaire is no longer an exclusive club. In fact it is now an all-comers affair, more or less. A new, tightly knit club has emerged, that of Billionaires. We have quite a number of them in our midst (Nigeria). That is now the yardstick for gauging a rich person, being a billionaire. Times are changing.  Nevertheless, as we say in Nigerian parlance, ‘there are billionaires and there are billionaires’.
 
Thus, a distinction is now being made between naira billionaires and dollar billionaires; that is, billionaires in naira and billionaires in dollars. The latter is in a highly exclusive group. When someone in Nigeria says he is a billionaire in dollars or someone tells you that Mr. A is a billionaire in dollars, it means the Nigerian is among a rare breed of rich people. Therewith, we have local billionaires (naira billionaires) and international (dollar) billionaires. A Nigerian who is a billionaire in dollars is heading towards being classed  a trillionaire in naira terms. And in some two decades or so we may well be talking of trillionaires in Nigeria. That would be the future ‘bragging right’ so to speak.
 
   We are already seeing the beginnings of that now for, we already speaking of trillions of naira in certain sectors.  For instance, some of our banks have reached the trillion naira mark in their recapitalisation. Some state governments’ annual budgets are now in a trillion naira.  Only Lagos state was hitting that figure sometime ago. But now in their  current budgets, 11 states budgeted over a trillion naira for their services this year (recurrent and capital expenditures). The breakdown is as follows:  Lagos N4.24 trillion; Rivers N1.85 trillion; Delta N1.73; Ogun N1.67 trillion; Enugu N1.62 trillion; Akwa Ibom N1.58 trillion; Kano N1.48 trillion; Imo N1.44 trillion; Niger N1.07 trillion; Abia N1.02 trillion; Bayelsa N1.02 trillion.  Altogether the 36 states’ total budget for this 2026 stands at a whooping N36.98 trillion, a record, as the highest ever. And then the federal government itself say it is targeting a record one trillion dollars economy by 2030. This is close to quadrillion naira. Quadrillion naira is an amount that is not yet in our Nigerian dictionary. But we are very familiar with  billion naira and shall sooner or later get used to trillion naira. The Trillionaires are coming.
 
   However, our millionaires and coming trillionaires should be aware that money is only a means to an end. It should not be accumulated for accumulation sake. Nor should they become so attached to their money to believe that the sole purpose of life here is to acquire as much money as we can. They should endeavour to add value to their wealth, use it to enable those that cross their path get some lasting, eternal values for themselves. 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

US Warns of Possible Terror Attacks on Facilities, Schools in Nigeria

Published

on

The United States Embassy in Nigeria on Monday issued a security warning to its citizens about a possible terrorist threat targeting US facilities and American-affiliated schools in the country, particularly in the Federal Capital Territory (FCT), Abuja.

In a security alert published on its official website, the embassy advised American citizens in Nigeria to exercise increased caution.

The advisory urged US nationals to remain vigilant, especially when visiting US diplomatic missions and schools affiliated with the United States.

According to the notice, “The US Embassy in Abuja informs US citizens of a possible terrorist threat against US facilities and US-affiliated schools in Nigeria.”

“The Embassy recommends that US citizens take additional precautions when travelling to the US Embassy, the US Consulate General in Lagos, and US-affiliated schools, including varying their travel times and routes,” the statement added.

Continue Reading

Uncategorized

War: ‘We’ll Respond Accordingly’ – Turkey Warns Iran Over Continued Missile Attacks

Published

on

By Fabian

Turkey has warned that it will take decisive action to defend its territory following what it described as a recent ballistic missile incident involving Iran.

In a statement, Turkey’s Defence Ministry said the country is prepared to take all necessary measures to address any threat to its territorial integrity.

The warning came after a ballistic missile reportedly launched from Iran was intercepted after entering Turkish airspace.

The Defence Ministry noted that Turkey values maintaining strong relations with its neighboring countries and remains committed to preserving stability in the region.

However, the ministry stressed that Ankara would respond swiftly and firmly to any threat targeting its land or airspace.

“We want to make it clear that we will take strong and immediate action against any threat directed at our country’s territory and airspace,” the statement said.

The ministry also urged all parties to take Turkey’s warnings seriously, adding that doing so would serve the interests of regional peace and security.

Last week, Turkey claimed that Iran had fired a missile toward its territory, though Iran’s military authorities denied the allegation.

Continue Reading

Uncategorized

Akpabio Urges Responsible Leadership as Senate Adjourne Plenary Again

Published

on

By Hassan Taiye

The President of the Senate, Godswill Akpabio, on Tuesday called on lawmakers to remain guided by faith, duty and the collective aspirations of Nigerians as the Senate resumed plenary after a brief adjournment.

Speaking at the National Assembly in Abuja, Akpabio noted that while the legislature had temporarily adjourned to allow committees carry out important legislative assignments, the life of a nation and the expectations of its citizens never pause.

He observed that across the country, Nigerians have continued their daily struggle to build, labour, hope and endure, stressing that lawmakers must return to their responsibilities with renewed commitment as custodians of the people’s trust and stewards of their welfare.

The Senate President also paid tribute to the late Senator Barinada Mpigi, who represented Rivers South-East Senatorial District, describing his death as a painful loss to the Senate and the nation.

Akpabio said the late lawmaker served the National Assembly with dedication and remained committed to the welfare of his constituents and the ideals of democratic governance.

According to him, Senator Mpigi was known for his calm strength, cooperative spirit and unwavering commitment to the legislative process.

He extended condolences on behalf of the Senate to the family of the deceased, the government and people of Rivers State, and the people of Rivers South-East Senatorial District whom the late senator served with diligence.

The Senate President also reflected on the significance of the sacred seasons of Ramadan and Lent, noting that both periods represent moments of deep spiritual reflection for Muslims and Christians respectively.

He commended Muslim faithful across the country for their devotion during Ramadan, describing the fasting period as an exercise in discipline, self-denial, reflection and submission to the will of God.
Akpabio said the lessons of Ramadan—patience, humility, charity and compassion—are virtues that Nigeria urgently needs in both public and private life.
He also noted that Christians are observing Lent, a 40-day period of prayer, fasting and repentance ahead of Easter, which commemorates the suffering, sacrifice, death and resurrection of Jesus Christ.
According to him, both religious seasons highlight the importance of discipline before God and compassion towards fellow citizens, values he said are necessary for building a stronger and more united nation.

Akpabio stressed that representation remains central to democracy, describing it as a covenant between the people and those elected to speak on their behalf.
While acknowledging the growing influence of social media in amplifying public voices, he noted that democratic institutions remain the appropriate avenue for resolving national issues.

He said while social media may raise alarms on issues affecting citizens, institutions such as the Senate must provide practical solutions through legislation and policy.

The Senate President therefore urged Nigerians to engage their elected representatives and channel their concerns through democratic institutions so that grievances can be transformed into policy actions.

Akpabio also highlighted the importance of the national budget, describing it as a critical instrument through which the aspirations of Nigerians are translated into public policy.
“A budget is more than figures on paper; it is a declaration of national intention,” he said.
According to him, the budget reflects the country’s priorities and determines where public resources are directed to support development and improve the welfare of citizens.
He expressed hope that Senate committees had exercised diligence in reviewing the budget to ensure it reflects the yearnings of Nigerians across different sectors of the economy.
Call for Unity and Purpose
The Senate President acknowledged that Nigeria faces significant challenges but expressed confidence that the country can overcome them through courage, determination and responsible leadership.
He urged lawmakers to ensure that public resources are deployed to promote development, strengthen institutions, expand opportunities and improve the lives of citizens.

Akpabio also called on senators to conduct their legislative responsibilities with dignity, seriousness and patriotism.
He concluded by expressing hope that the spiritual lessons of Ramadan and Lent would inspire lawmakers to work together for the peace, unity and prosperity of Nigeria.
“Let us debate with vigour but act with wisdom. Let us differ in opinion but remain united in our duty to the Republic,” he said.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.