News
Nigerians groan as electricity bills takes 57% of minimum wage earners’ salaries
When the Federal Government announced in September that it would start paying the proposed minimum wage of N70, 000, with a promise to pay civil servants the areas from July and August, not many Nigerians were excited about the news.
And the reasons were obvious, one of them being the recent hike in electricity bill.
A recent report quoting the FIJ calculation clearly indicated that average minimum wage earners spend at least 57.3 percent of their salaries on electricity bills if they use only seven appliances for a month.
The FIJ report noted that while the wage increase was a good development for workers, the cost of living has rendered the wage increase almost insignificant.
The report spotlights the cost of electricity alone and its impact on workers’ wages.
According to a National Income, Salaries and Wages Commission (NISWC) document, civil servants under the Consolidated Public Service Salary Structure would earn N930,000 per annum.
This means that a minimum wage earner would go home with a salary of about N77, 500.
The Nigerian Electricity Regulatory Commission (NERC) announced a 300 percent increase in electricity tariff for those in the B and A service category in April.
According to the Vice Chairman of the NERC, Musliu Oseni, the tariff hike meant that customers who formerly paid N66 per kilowatt per hour would now pay N225 for the same unit of electricity.
In the announcement, the NERC also said that only users in the band A service category, about 15 percent of the entire customer population, would be affected.
Surprisingly, a few months after the announcement, Nigerians were faced with flagrant and unsolicited transfer to Band A service category without prior notice.
Some people protested the move, while others took to social media to vent their anger and frustrations.
Decrying the move on his X handle, a financial expert, Joe Abah wrote: “I have confirmation that @aedcelectricity has now put me in Band A with no notice at all.
So, N100,000 electricity top-up now lasts just seven days. I have been paying.
Who has a gadget that can help me monitor whether I am getting a minimum of 20 hours of light a day, please?”
News
Senate confirms Oyedele as minister
During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.
The Senate has confirmed the nomination of Taiwo Oyedele as Minister of State for Finance.
His confirmation comes after two hours of screening as lawmakers grilled him on various aspects of the economy.
Oyedele’s screening followed a motion moved by Opeyemi Bamidele, the Senate leader, after he called for the suspension of the Senate rule to allow strangers to come into the chamber.
During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.
Oyedele was escorted to the chamber by Bashir Lado, the Special Adviser to the President on the National Assembly ( Senate), alongside others.
His screening followed President Bola Tinubu’s letter to the Senate on Tuesday, requesting his confirmation as a minister.
Tinubu had, on March 3, nominated Oyedele, who currently serves as chairman of the presidential committee on fiscal policy and tax reforms, as Minister of State for Finance.
News
Tinubu appoints Lamido Yuguda as CBN’s Deputy Governor
Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.
PRESIDENT Bola Tinubu has approved the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN)
The appointment is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007.
This was disclosed on Wednesday by the presidential spokesman, Bayo Onanuga.
The President charges Yuguda to discharge his responsibilities with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth.
Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.
He is an alumnus of Ahmadu Bello University, where he graduated in 1983 with a B.Sc. in Accountancy.
In 1991, he obtained a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a CFA charterholder.
He began his career in 1984 at the Central Bank of Nigeria (CBN) as a Senior Supervisor in the Foreign Operations Department.
He also worked as an economist in the Africa Department of the International Monetary Fund from 1997 to 2001, when he returned to the CBN.
He retired from the CBN in 2016, after he had served as Director of the Reserve Management Department for six years.
News
JUST IN: IGP Disu Assigns Portfolios to New DIGs
DIG Zachariah Fera Achinyan has been deployed to Legal Services, DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.
The Inspector-General of Police (IGP) Olatunji Disu has assigned the new Deputy Inspectors -General of Police (DIGs) their duties responsibilities.
Sources said that the DIGs were assigned departments based on their areas of competence.
DIG Zachariah Fera Achinyan has been deployed to Legal Services,
DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.
Similarly, DIG Margaret Agebe Ochalla has been posted to the Force Criminal Investigation Department (FCID);
DIG Mohammed Abdul Sulaiman to Finance and Accounts; DIG Kenechukwu Onwuemelie will oversee the Force Intelligence Department (FID); DIG Fayoade Adegoke will head Information and Communication Technology, while DIG Umar Shehu Nadada has been posted to Operations departments.
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