Very Funny that I woke up this morning to see Buhari’s supporters celebrating that Col. Hameed Ali of the Nigerian customs service generated 1.022 trillion naira Revenue.
They have been shouting everywhere that Hameed has generated the highest Revenue in the customs service.
In 2014, Dikko Inde , the former CG of the customs service generated about 977 billion Naira Revenue when $1 was equal to about 190 naira.
With now that the naira has lost about 100% value exchanging for figures close to 380 naira to a dollar, Hameed Ali should have doubled the amount Inde generated in 2014 so as to equal the value of what the former CG was generating.
To understand the worth of what the former and current controller generals of customs have generated in order to measure the impact of their actions on Nigeria’s economy, we must convert the amounts to dollars since our GDP is measured in dollars and the acceptable international currency for exchange.
Generated 977billion naira in 2014.
Exchange rate as of 2014: 1dollar =190 naira
Value of Revenue = $5.1 B
Generated 1.022 Trillion naira in 2017
Exchange rate in 2017: 1dollar = 360 naira
Value of Revenue in dollars= $2.8 Billion
Dikko Inde generated $5.1bn dollars of Revenue in the Customs service in 2014.
Col. Hameed Ali generated $2.8Bn in 2017.
Their is a loss of Revenue by the custom service.
Sensible individuals will not celebrate this inflation.