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Buhari, VP, Ministers, Lawmakers, Others Earn N9.18bn Yearly

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Buhari

Twelve months after the Revenue Mobilisation, Allocation and Fiscal Commission pledged to give the nation reviewed salaries and allowances for political office holders, lawmakers and key government officials still cart home about N9.18bn annually in salaries and allowances.

Investigation show that while RMAFC had completed work on the review of the emoluments of political office holders about November 2015, the new emoluments have not seen the light of the day due to the politics involved in the process.

As a result, key political office holders still earn the full packages they earned before the decision to reduce the earnings of political and judicial office holders.

The annualised salary and allowances of the president is N14,058,820, while that of the vice-president is N12,126,290.

President Muhammadu Buhari and Vice-President Yemi Osinbajo had announced their decision to take only 50 per cent of the salary and allowances approved for them, meaning that they take home N7,029,410 and N6,063,145 respectively.

However, most of the allowances and entitlements of the President and Vice-President are not monetised but fully provided by the state.

Apart from 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 assistants, and personal assistants.

Others are domestic staff, entertainment, utilities, security and newspapers/periodical allowances.

These irregular allowances include accommodation, furniture, duty tour, estacode, medical, and severance/gratuity.

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.

There are 109 senators and 360 representatives. With the exception of the Senate President, the Deputy Senate President, the Speaker of the House of Representatives and his deputy whose allowances are provided by the state, lawmakers get a total of N8,397,965,454.5.

For a minister, the salary and allowances add up to N14,705,164 while those of presidential aide add up to N14,085,843.75. The Head of Service and the Secretary to the Government of the Federation are on the same salaries and allowances.

There are 36 ministers and 15 presidential aides. Their annual emoluments add up to N770,083,888.25.

RMAFC had in June 2015 set in motion the process for the downward review of the existing salaries and allowances of political, public and judicial office holders when it set up a committee chaired by Mr. Abdullahi Inde.

At the inauguration, returning Chairman of RMAFC, Mr. Elias Mbam, had urged the committee to be conscious of the prevailing economic situation and the need to reduce cost of governance so as to free more funds for development.

The current remuneration of public office holders is guided by the Remuneration Act of 2008. A review became imperative following dwindling government revenues occasioned by falling prices in the international oil market.

However, investigation showed that when Mbam left the commission following the completion of his first tenure in November 2015, the acting Chairman of RMAFC, Mr. Umar Gana, made a number of attempts to present the new packages to President Buhari but failed.

“The acting chairman could not get the green light from the Villa to present the remuneration package to the President,” an authoritative source told our correspondent.

“That is why the new salary structure has been stalled. The law requires that the President must get the recommendation from RMAFC who would table it before the Federal Executive Council for ratification. Then, it is presented to the National Assembly.”

The current allowances of lawmakers are in categories. Some are tagged regular allowances while others are tagged irregular allowances.

Regular allowances are those that are paid on monthly basis along with the monthly salaries while irregular allowances are paid at other frequencies ranging from annual to once in four years.

There are also other allowances not included in this calculation that are paid not at any fixed periods but as many times as they occur in the year.

The allowances are calculated as percentages of the annual salaries. While some are higher than the annual salaries; others are lower.

Basically, both senators and Reps are paid the same percentages of their salaries as allowances except in constituency allowance where senators are paid 250 per cent while Reps are 100 per cent.

Vehicle maintenance and fuelling alliance is 75 per cent; domestic staff, 75 per cent; entertainment, 30 per cent; utilities, 30 per cent; wardrobe, 25 per cent; newspapers, 15 per cent; house maintenance, five per cent; and personal assistants, 25 per cent.

The irregular allowances include housing allowance, 200 per cent of their annual salaries; furniture allowance, 300 per cent; recess allowance, 10 per cent and severance allowance, 300 per cent.

Housing allowance is paid once a year. Furniture allowance is paid once in four years and recess allowance is paid when the lawmakers are on recess and they go on recess four times in a year. Severance allowance is at the end of the four-year tenure.

There are other allowances that the lawmakers are not paid directly but provided and paid for by the government. These are special assistants, security and legislative aides. What this means is that those engaged in these capacities are paid directly by the government as the allowances cannot be claimed by political office holders. These allowances apply to senators and Reps.

Medical expenses are also borne by the government when they have need for the services.

The lawmakers are also entitled to tour duty allowance, estacode (when they travel).For a senator, the tour duty allowance is N37, 000 per night; the estacode is $950 per night.

For a member of the House of Representatives, the tour duty allowance is N35, 000 per night; while estacode is $900 per night.

Ministers and presidential aides also enjoy similar allowances.

Experts, however, are not worried by the official earnings of political office holders but by the unofficial ones. Lawmakers, for instance, are said to get some quarterly payment.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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