Quote from Ndubuisi Ekekwe on January 22, 2026, 10:10 AM

In 1979, Nigeria recorded a remarkable budget surplus of about ₦1.5 billion. To appreciate the magnitude, recall that the Naira was stronger than the US Dollar at the time, trading at roughly ₦0.596 to US$1.

 

That means ₦1.5 billion was equivalent to about US$2.51 billion in 1979. Adjust that for U.S. inflation, and the purchasing power jumps to more than US$11 billion in 2026 value.

 

Now look at it from the Naira side: with today’s exchange rate hovering above ₦1,400 per USD, that same ₦1.5 billion of 1979 translates to a modern value exceeding ₦15 trillion.

 

Pause for a moment: ₦15 trillion is nearly half of Nigeria’s fully implemented national budget today, not the proposed one, but the actual expenditure that hits the ground.

 

So when you reflect on this dramatic contrast, one question inevitably rises from the heart of any patriot: What happened to Nigeria?