Economy
Civil servants worry over spending more income on petrol
Civil servants worry over spending more income on petrol
Many civil servants in the Federal Capital Territory (FCT), have expressed concern over how fuelling their cars consume more than half of their monthly income.
Some of the civil servants, who spoke to newsmen said the recent increase in the pump price of petrol had further affected their finances.
According to them, the development is making it difficult for them to meet other critical obligations like rent, housekeeping and electricity bills among others.
Ms Nkechi Ugwu, a civil servant residing in Kubwa, said the cost of fueling her car had become a source of concern, adding that she spent over 70 per cent of her salary in fuelling her car.
She said she had to resort to public transportation at a point.
Ugwu, however, said resorting to public transportation did not help matters, saying, fare within the FCT had equally increased.
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“I reside in Kubwa, one of the satellite towns and I drive to work on daily basis and I must say that the cost of transportation has increased tremendously.
“It became worse, especially for motorists, since the recent rise in pump price of petrol across the country.
“I realised I could no longer meet up with some obligations and I decided to calculate what was taking a toll on my income.
“I was shocked to realise that I was spending almost 70 per cent of my income on petrol, ” she said.
Ugwu called for a revamp of the transportation system in the FCT, and the country at large, adding that it would cushion the effect of rise in the pump price of petrol particularly for civil servants.
Mr Godstime Inalegwu, another civil servant, who resides in Lugbe, urged government to explore the option of establishing metro stations to ease the discomfort suffered by residents.
“The rate at which fuel is consuming a major part of my salary is giving me so much concern.
“While salaries remain the same, the cost of things, particularly fuel has increased beyond measure,” he said.
He called for an urgent review of the minimum wage to enable civil servants meet at least basic needs.
Mr Idachaba Audu, who resides at Karu Site in the FCT, said he decided to explore the option of public transportation as he was as expensive as using his car, adding that it was a dire situation that required government intervention.
According to him, unless something is done to tackle the problem, it may resort to man hour loss, as workers may not be able to go to work on a daily basis.
Most civil servants, who spoke to NAN said they were going through the same experience, and called on the Federal Government to intervene by providing them with palliatives.
NAN reports that a survey in some parts of the FCT revealed that the pump price of petrol ranged from between N175 and N200.
Meanwhile, some of the fuelling stations visited had long queues.
NAN inquired to know why some fuelling stations had long queues while others did not, some of the motorists attributed it to the cost.
They said they would rather queue to buy petrol for N175 the official price than buy at N200, thereby, spend so much from their meagre income.
Civil servants worry over spending more income on petrol
NNPC Denies $6.8 Billion Debt Allegation and Defends Federation Account Remittances
On Sunday, the Nigerian National Petroleum Company Limited (NNPC Ltd) refuted claims of a $6.8 billion debt to international traders. In a statement, Olufemi Soneye, Chief Corporate Communications Officer, clarified that the company does not owe the reported sum.
The NNPC Ltd’s response followed allegations that it has not contributed any funds to the Federation Account since January. Soneye emphasized that such claims are false, asserting that the company and its subsidiaries consistently remit taxes to the Federal Inland Revenue Service (FIRS).
Soneye explained that while NNPC Ltd manages numerous open trade credit lines, it adheres to a first-in-first-out payment approach for its obligations. He also highlighted that the company is a major contributor to the Federation Account Allocation Committee (FAAC) through its tax contributions.
Regarding the quality and quantity of imported petroleum products, Soneye clarified that NNPC Ltd does not oversee these matters, as this falls under the purview of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent body.
The statement reinforced NNPC Ltd’s commitment to transparency and accountability, in line with the company’s TAPE (Transparency, Accountability, and Performance Excellence) philosophy.
Economy
Revenue Commission Discloses Senators’ N1M Monthly Salary, N12M Allowances; Highlights Disparity with N70,000 Minimum Wage
Revenue Commission Discloses Senators’ N1M Monthly Salary, N12M Allowances; Highlights Disparity with N70,000 Minimum Wage
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has revealed that each of the 109 senators in the National Assembly earns N1,063,860 million salary and allowances per month.
RMAFC chairman, Mohammed Bello Shehu made the clarification in a statement on Tuesday.
He said the clarification was necessary in view of the recent statement made by Senator Shehu Sani, who was reported to have disclosed to the public that each senator collects monthly running cost of N13.5 million in addition to the monthly N750, 000.00 prescribed by RMAFC.
The commission gave the breakdown of the salary and allowances of each senator as: Basic Salary – ₦168,866:70; Motor Vehicle Fuelling and Maintenance Allowance – ₦126,650:00; Personal Assistant – ₦42,216:66; Domestic Staff -₦126,650:00; Entertainment – ₦50,660:00; Utilities – ₦50,660:00; Newspapers/Periodicals – ₦25,330:00; Wardrobe – ₦42,216,66:00; House Maintenance – ₦8,443.33:00 and Constituency Allowance – ₦422,166:66; respectively.
Shehu said RMAFC does not have the constitutional powers to enforce compliance with the proper implementation of the remuneration package of lawmakers.
“This lacuna is, however, being addressed by the National Assembly,” he said.
The RMAFC chief also said some allowances are regular while others are non-regular.
“Regular allowances are paid regularly with basic salary while non-regular allowances are paid as when due.
“For instance, Furniture allowance (₦6,079,200:00) and Severance Gratuity (₦6,079,200:00) are paid once in every tenure and Vehicle allowance (₦8,105,600:00) which is optional is a loan which the beneficiary has to pay before leaving office,” he added.
FirstBank Recognized for Excellence in ESG Investments with Euromoney Award
FirstBank has been awarded the 2024 Euromoney Award for its outstanding commitment to Environmental, Social, and Governance (ESG) investments in Nigeria, through innovative financial solutions and initiatives.
In a statement released Sunday, FirstBank announced that Euromoney recognized its significant progress in implementing an ESG management system, screening N4.2 trillion in new transactions for ESG risks in 2024.
FirstBank’s notable projects include a $10 million solar energy initiative to expand off-grid solar solutions in Africa and Asia via a pay-as-you-go model, aiding Nigeria’s green transition. Additionally, the bank invested N16 billion to develop four modular independent power plants for a major beer manufacturer, reducing reliance on diesel generators and lowering production costs.
The bank also launched a tree-planting campaign with the Nigeria Conservation Foundation, planting over 50,000 trees in 2024, underscoring its ESG commitment.
Mrs. Folake Ani-Mumuney, Group Head of Marketing and Corporate Communications, expressed the bank’s excitement over the award, stating, “This recognition is a testament to our commitment to enabling success in our employees, businesses, and communities. Sustainability drives our growth and innovation.”
Euromoney’s “Awards for Excellence” honor top banks and bankers who demonstrate exceptional differentiation in the global banking industry.
FirstBank has also recently received accolades as Best SME Bank in Nigeria, Best Bank in Africa, Best Private Bank in Nigeria, and Best Private Bank for Sustainable Investment in Africa by Global Finance.
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