The long January finally came to an end three days ago. We are excited to be sending you our first newsletter of the year 2024. This year, you should expect more explained and simplified data reports that impact your lives, socially, economically and politically.
Here are snippets from various aspects of your daily lives:
On Sports
As Nigerians, we are watching (and collecting useful data) from the African Cup of Nations. If you're a Nigerian, congratulations as the Super Eagles kicked Angola’s Antelopes out of the match to climb up to the semi-final. In football, no team rises by lifting others!
We wish the Eagles super wins playing ahead!
On Economic
While the Super Eagles are climbing up the AFCON table, Nigeria’s currency continues to fall. Many Nigerians are not happy about the latter FX issue; the falling naira is affecting businesses, just as citizens are groaning due to the unbearable cost of living.
FX RATE - 2 FEB 2024
Black Market Rate
1 USD Now ₦1,442.209
1 GBP Now ₦1,931.066
1 EUR Now ₦1,644.121
Official Rate
1 USD Now ₦1,000.5
1 GBP Now ₦1,391.98
1 EUR Now ₦1,188.88
https://twitter.com/TwentytenDaily/status/1753329908888006766?t=Z610-myEtSN1HQ9quNPq6g&s=19
See our post on X
$1 less than ₦1, (₦0.75) Kobo, but that was 40 years ago when the Naira held a higher value than the USD.
Twentyten research shows this:
Annual Average FX Rate (Official)
In 1986 — $1/₦2.92
In 2000 — $1/₦102.11
In 2020 — $1/₦358.81
In 2024 — $1/₦886.89 (CBN Rate)
In 2024 — $1/₦1,409.28 (Parallel Market Rate)
On Education
Twentyten Daily wrote a long-form report on one of the prominent policies in the education sector: the student loan. We asked the same question that has kept students, parents and stakeholders awake since President Bola Tinubu signed the interest-free loan in 2023.
After signing the student loan bill into law, President Tinubu said no students would drop out under his administration due to the inability to pay tuition. But then, the tenure of rising tuition began, and many students had reportedly dropped out of school.
The Federal Government voted ₦50 billion in the 2024 budget for the implementation of its student loan scheme, which will begin in January.
The sum of ₦2.18 trillion was allocated for education out of the ₦27.5 trillion budget proposal for the 2024 fiscal year.
One student said: “It is the primary duty of the government to provide free education at all levels,” according to the Nigerian Constitution. “So, attempting to introduce the loan as a panacea for the induced increment is tantamount to evading its constitutional responsibility and must be firmly rejected.”
Data Point, in Designs
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