- Govs Earn Over N600,000, Not N500,000 – Investigation
Contrary to the claim by Governor Kayode Fayemi that governors in Nigeria earn N500, 000 per month, the official monetised salary of a governor in the country is actually N648,580.62, findings from an investigation have shown.
Fayemi had said that professors in Nigerian universities earned as much as he earned, and that, in some cases, they earned more than him on a monthly basis.
He said that as a governor, he earned N500,000 monthly salary, arguing that a professor sometimes earned more than that.
The governor berated Nigerian academic for allegedly not taking advantage of certain opportunities which, he said, he was privy to.
However, a document, Remuneration Package of Political, Public and Judicial Office Holders, obtained from the Revenue Mobilisation, Allocation and Fiscal Commission by our correspondent in Abuja on Thursday, showed that there were other allowances which the governor was entitled to.
While a few of the allowances are paid periodically, there are others that are not monetised which the state provides fully, according to the preference of the governor.
The governor’s monthly salary is made up of three items – basic salary, hardship allowance and constituency allowance.
According to RMAFC’s document, a governor is entitled to a monthly basic salary of N185,306.75. He is entitled to a monthly hardship allowance of N92,654.37 and monthly consistency allowance of N648,580.62.
These add up to a monthly salary of N648, 580.62 or an annual sum of N7, 782,967.50.
Other allowances of the governor that are not part of the monthly emoluments are 10 per cent leave allowance which amounts to N222,370.50 per annum.
Should a governor so desire, he is entitled to 400 per cent Motor Vehicle Loan which amounts to N8,894,820.
When a governor completes his tenure, he is entitled to 300 per cent severance allowance, which amounts to N6,671,115. This is apart from what is provided by each state as pension and gratuity.
However, the majority of the allowances that a governor is entitled to are not monetised. This means that the state makes full provision for such items – to the taste of the governor.
Such allowances include the following: Motor vehicle fuelling and maintenance, special assistant, personal assistant, domestic staff, entertainment, utilities, security, and newspapers/periodicals.
Other allowances that are fully provided by the state for the governor are accommodation, furniture, duty tour allowance, estacode and medical.
According to the document, the annualised salary and allowances of the President is N14,058,820 while that of the Vice-President is N12,126,290.
For a senator, the salary and allowances add up to N20, 669,280 per annum. Those of a member of the House of Representatives add up to N17, 271,347.75.
For a minister, the salary and allowances add up to N14,705,164, while those of presidential aides add up to N14, 085,843.75.
On the face value, therefore, it appears that even the aides appointed to serve both the President and the Vice-President earn higher than these two key officials of the state.
However, the reason is that while most of the allowances of lawmakers, senators and presidential aides are monetised, the allowances that are supposed to be earned by the President and the VP are provided by the state – without any limit, just like the governor.
Apart from the salary, the regular allowances that are monetised for the President are only hardship allowance, N1, 757,350.50 per annum; and consistency allowance, N8, 786,762:50 per annum.
For the Vice-President, the hardship allowance is N1, 515,786:25 per annum, while the consistency allowance is N7, 578,931:25 per annum.
The irregular allowances for the President are the severance allowance – 300 per cent of the annual salary or N10, 544,115 – and leave allowance – 10 per cent of the annual salary or N351, 470:50.
The irregular allowances of the vice-president are the severance allowance – 300 per cent of the annual salary or N9, 094,717:50 – and leave allowance – 10 per cent of the annual salary or N303, 157:25.
Other allowances that the President and the Vice-President are supposed to enjoy which are not provided in monetary terms include motor vehicle fuelling and maintenance, special assistant, and personal assistant.
Others are domestic staff, entertainment, utilities, security and newspapers/periodical allowances.
These irregular allowances include accommodation, furniture, duty tour, estacode, medical, and severance/gratuity.
Two other officials of the state whose most allowances are not monetised but provided for by the state are the President of the Senate and the Speaker of the House of Representatives.
In the states, governors and Speakers of the State Houses of Assembly enjoy similar privileges.
These items, which are supposed to constitute allowances for the President and the VP are to be fully provided for these key office holders by the state according to the Remuneration Package of Political, Public and Judicial Office Holders prepared by the Revenue Mobilisation Allocation and Fiscal Commission and passed into law in 2007 by the National Assembly.
The country’s annual budgets give an indication of how much the nation spends on the items required by the President.
Following the outcry of citizens for a downward review of the emoluments of political office holders as a result of dwindling oil earnings of the country, President Muhammadu Buhari had in 2015 directed RMAFC to review the emoluments.
The work of the agency which was concluded in 2016 came to nothing as the President could not act on the report which was submitted to his office.
Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption
The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.
The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.
The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.
The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.
This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.
Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.
The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.
Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.
Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion
The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.
Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.
During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.
He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.
Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.
The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.
Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.
The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.
The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.
Nigeria’s Untapped Coffee Sector Holds the Key to $2 Billion Annual Revenue
Amidst declining foreign reserves and the need for alternative revenue streams, Nigeria’s overlooked coffee industry emerges as a potential powerhouse capable of contributing over $2 billion annually to foreign exchange earnings.
Industry experts emphasize the necessity for strategic investments and modernized farming practices to unlock the full economic potential of the coffee sector.
While Nigeria is not among the top 10 coffee producers in Africa, the country’s untapped coffee industry holds the promise of significant financial gains, job creation, and sustainable agricultural development.
The urgency for revitalization comes as Nigeria grapples with a decline in foreign reserves, dropping from $38.25 billion in September 2022 to $33.23 billion in the third quarter of 2023.
Salihu Imam, Chairman of the National Coffee and Tea Association of Nigeria, Oyo State, highlighted the global significance of coffee, stating, “Coffee is the second most traded/valuable of all commodities and first in Agricultural commodities in the world.”
The potential economic impact extends beyond immediate financial gains, with Nigeria positioning itself as a key player in the global coffee trade.
Despite its potential, Nigeria’s coffee exports remain modest, producing less than one million bags annually.
In contrast, Ethiopia, the largest coffee exporter in Africa, is projected to produce 8.25 million bags. Experts suggest that Nigeria, with its unique coffee varieties, could generate $2 billion annually.
Segun Lary-Lean, President of the West Africa Specialty Coffee Association, emphasized the robust global demand for coffee, comparing it to water in Western countries.
He noted the significant earnings of coffee-producing nations like Brazil, Colombia, Vietnam, and Kenya, which experienced a 17% increase in coffee earnings.
In a call to action, industry players urge the Federal Government to prioritize strategic investments, modernized farming practices, and value-added processing to harness the coffee sector’s full economic benefits.
Unlocking the potential of Nigeria’s coffee industry stands not only as a financial opportunity but as a catalyst for broader economic growth and diversification.
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