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Economy

Govs Earn Over N600,000, Not N500,000 – Investigation

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Kayode Fayemi
  • 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.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

FG Launches New N25bn Youth Fund to Address Some of the Concerns Raised by #EndSARS Protesters

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Zainab Ahmed

FG Introduces N25 Billion Youth Fund

The Federal Government has introduced a new N25 billion youth fund to address some of the issues raised by the Nigerian youths who took to the street to demand good governance, among others.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this at a stakeholder meeting held with the Deputy Governor of Kaduna State, Dr. Hadiza Balarabe, in Kaduna.

Ahmed said the fund would be increased from N25 billion to N75 billion within three years to ensure new job creation for the youths.

The meeting was constituted as part of the directive of President Muhammadu Buhari to ministers and governors to dialogue with stakeholders on some of the concerns raised by #EndSARS protesters.

The finance minister said the aim was to support the Nigerian youths to actualise their innovative and entrepreneurial minds in business and general development of the nation.

On her part, Balarabe said the essence of the meeting was to brainstorm on how to tackle security challenges faced during the #EndSARS protests.

Dr Mohammad Abubakar, the Minister of Environment, who was also at the meeting, reiterated Federal Government’s commitment to people-friendly policies and reforms.

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Economy

Kwara to Support Looted Businesses With N500 Million

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Kwara State to Fund Looted Businesses With N500 Million

Kwara State has joined the list of states supporting businesses that were looted and vandalised by hoodlums masquerading as #EndSARS protesters.

Mr. AbdulRahman AbdulRazaq, the Governor of Kwara State, during a visit to the Kwara Mall and Agro Mall on Saturday said the state will support affected businesses with N500 million, adding that the funding is to reduce the negative impact of the looting on the state economy.

On Sunday, in a statement issued by the governor’s Chief Press Secretary, Rafiu Ajakaye, the Governor said the vandalism and looting may bring several businesses to their knees and lead to massive job loss with an increase in poverty rate.

He said, in order to avoid this, “We are setting up a N500 million fund for those that were affected to access.”

“The application form is live and active on the state government’s website and can now be filled by interested parties. We are going to get them back as soon as possible,” he assured.

The governor, who described the situation as a mindless looting of people’s businesses, said there can be no justification for such criminal behavour in our society and commiserated with affected owners.

Speaking on accusation of hoarding of palliatives, the Governor said the palliatives were donated by Private sector led CACOVID to specific vulnerable households and were being distributed gradually across the state.

What happened was bareface stealing and some people are playing politics with it. This is not the time to play politics. It is a time for all hands to be on deck. It is not just Kwara they wanted to burn down. They wanted to burn the whole country down. I urge all of us to stand up and resist that,” he said.

“We engaged the #EndSARS youth in Kwara and it worked out for us. They were not violent. They had a five-point agenda which the federal government has agreed to and has started implementing. In Kwara State, we have also set up a judicial panel of inquiry to look into the allegation of Police abuse. I also visited Police barracks to see how we can improve the welfare of the Police in the state.

“While the hoodlums were looting (on Friday), I was holding a meeting with executives and members of the National Association of Kwara State Students and National Association of Nigeria Students, Kwara axis. It shows students and youths were not part of the looting. Those involved were just hoodlums and thieves,” he said.

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Economy

IMF to Review Nigeria’s Growth Forecast Amid Destruction of Businesses, Properties

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IMF 1

IMF Says it May Review Nigeria’s Growth  Amid Recent Development in the Country

Following the destruction of businesses and properties that trailed the #EndSARS protest, the International Monetary Fund (IMF) has said it may review the nation’s growth forecast in view of the new development in the country.

Abebe Selassie, the Director, African Department, International Monetary Fund, made the statement while responding to questions during a virtual IMF press conference on the economic outlook of Sub-Saharan Africa on Thursday.

According to him, the protest is difficult given that Lagos is a very important economic hub and contributes to the overall Nigeria activities.

Selassie said, “On the growth projections in Nigeria, I mean, these protests happened of course, after we had closed, after the period where the data we looked at in making the growth projections for this economic outlook.

“And much will depend really on how these protests evolve.

“Lagos of course, is a very important economic hub and contributes quite a bit of economic activity to overall Nigeria activities.

“So, if these persist and are showing significant effects on economic data, we will internalise them in due course.”

He further explained that the nation’s economy had been a difficult one in the last four years ever since oil prices plunged in 2015-16.

He said, “I think this is exactly why we have been on the record in Nigeria about how really critical it is to get all of the policy induced barriers out of the way to facilitate stronger economic growth.

“For the government to do more to raise revenues through the area of non-oil resources to be able to invest in health education which would, you know, allow people to be more successful at getting jobs but also improve the economy’s potential.

“So, I think that development agenda that Nigeria has, I think, has to be tackled with gusto and vigor so that the millions of jobs that the country needs can be created.”

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