By Adadareporters
The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has bemoaned the poor salary grade of professors of Nigerian universities.
Obi, who made his opinion known via his X, said he encountered a friend of his who is a professor at the University of Nigeria, Nsukka, and was shocked over his poor condition. He said more shocking was that the professor told him that his salary of N400, 000 had remained so since 2010.
Obi wrote, “While in Nsukka, I met one of those brilliant fellows I knew while I was a student at the University of Nigeria, Nsukka, in the 80s. The fellow graduated with a first class. He became a lecturer in the institution.
“When I later visited the university as the then Governor of Anambra State, he happily informed me that he was already a professor. I rejoiced with him.
“I met him again in Nsukka on Wednesday [yesterday], but our exchange of pleasantries resulted in very pathetic tales about his general welfare. I noticed that all his happiness of being a professor had vanished. He told me that he felt like he wasted all his years lecturing. He dragged his pitiful story into his current remuneration as a professor.
“According to him, his salary as of January 31, 2010, which is 14 years ago, remains the same to date, having reached the pinnacle of his career. The only significant difference is that while the money was worth something in 2010, today the same amount is worth nothing.
“The professor recalled how he was able to buy a Toyota Corolla from his savings, something that is not possible again today. I asked for his salary today. He said about N400,000.
“He broke my heart when he requested that I put in words for him so that Hon Dennis Agbo can appoint him as Special Adviser when he wins.”
Agbo is the Labour Party’s candidate for the House of Reps rerun for Udenu/Igboeze North Federal Constituency coming up this Saturday.
Peter Obi continued, “According to the professor, the reason for the bizarre request that shocked me was that he would earn more and receive more perks as an SA than as a professor.
“Touched by this and applying my finance background, I decided to do some comparative analysis. By January 31, 2010, the salary of a Nigerian university professor was about N400,000. With the then prevalent exchange rate of N150.10 per dollar, the salary amounted to about $2665.
“Fourteen years later, on January 31, 2024, the salary of a university professor remains about N400,000. With the prevailing exchange rate of N1,510 per dollar, the same salary now amounts to about $265.
“So, after putting in 14 years of hard work, having attained the zenith of his academic career, a Nigerian university professor now earns 10% of what he earned 14 years ago – this is only possible in Nigeria.
“A few years ago, a Toyota Corolla cost N4.8 million, so his annual salary without any expenditure on any other item, amounting to about N4.8 million, could buy a Toyota Corolla.
“Today, the same Toyota Corolla costs about N52 million which is more than 10 years of his salary without expenditure, to be able to buy one, after having attained the highest point one can achieve in academia.
“Sadly, we are in the same country where the government can use an amount enough to buy 3 Toyota Corollas, to buy personal SUVs for the legislators, whose annual earnings amount to several times that of the university professor and can now afford to pay the professor more than he can earn from lecturing in a premier university in Nigeria.
“How does one then remain earnestly committed to contributing to the critical development of the nation? We can reverse this negative trend and build a fairer society. A new and different nation is possible.”
