Since it came to public domain that the sum of $700,000,000m is what is available for TELPECON disbursement, a lot of people have come up with different calculations and virtually all of them are wrong.
How can someone say $700,000,000m by 46,000,000 is about N6,000?
Have we forgotten that value of a Dollar to that of Naira is at least about N409 officially and even more in black market?
Well, I won’t bother you with too much calculation since this explanation is of public interest hence, I will simply give you an idea of the value of Naira each beneficiary should expect.
Before I continue, let me state it here that the reason why most beneficiaries get the calculation wrong is because they make a dollar equal to a Naira.
This thinking is ancient and backward in a way.
Even though one wants to be patriotic about value of Naira, how can one think in that form?
Don’t we follow financial news to know how a Dollar is converted to a Naira?
Oh! If we don’t follow financial news but some of us need this money for business?
How you will sustain the business when you don’t even know the volume of money in your hands?
Back to our discussion, let us say out of $700, 000,000m, only $46,000,000m are shared to 46,000,000 beneficiaries, that is, $46,000,000m / 46,000,000m = $1m
In dollar conversion to Naira, this implies that $1,000,000m multiplied by N409 = N409,000,000
This means that if each beneficiary is given $1m each, he or she get N409,000,000m
Remember, there is still balance of $654,000,000m for TELPECON.
To reawake your elementary calculation, from unit to million, have in mind that any unit value by another unit value remains a unit and similarly, any thousand number by another thousand number still remain in thousand and same extend to million, billion, trillion ….
This means that N2/2 = N1, N100,000 / 100,000 = N1,000, N100,000,000/ 100,000,000 = N1,000, 000m ….
I hope this article help you stop unnecessary panicking about wrong calculation here and there.
This article is made possible by David O.
