Business
Sanwo-Olu moves to stop Tinubu, other ex-govs, deputies’ pensions
Former governors and deputies including Bola Tinubu, Babatunde Fashola and Akinwunmi Ambode, may no longer enjoy pensions if plans to repeal the Public Office Holder (Payment of Pension Law 2007) sail through.
The Lagos State Governor, Babajide Sanwo-Olu, gave the hint on Tuesday when he announced his intention to repeal the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former elected governors and their deputies.
The governor made this known on Tuesday while presenting the 2021 budget to the Lagos State House of Assembly.
He said the bill for that purpose would be sent to the state assembly.
“Mr. Speaker and Honourable members of the house, in the light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former governors and their deputies,” Sanwo-Olu said.
According to the Lagos Pension Law approved by former Governor Bola Tinubu in 2007, a former governor will enjoy the following benefits for life: Two houses, one in Lagos and another in Abuja; even as property experts estimate such a house in Lagos to cost about N500 million and that in Abuja to cost about N700 million.
Other entitlements include: Six brand new cars, replaceable every three years; furniture allowance of 300 per cent of annual salary to be paid every two years; and a pension of N2.5 million monthly amounting to about N30 million pension annually.
The former governor will also enjoy security details, free medicals including for his immediate families.
Other benefits are house maintenance worth 10 per cent of his annual pension; 30 per cent car maintenance; 10 per cent entertainment; 20 per cent utility, and several domestic staff.
Should the new arrangement succeed in Lagos, it would only be following a similar step taken by the Kwara State in 2018 when the state House of Assembly passed an amendment bill halting payment of pensions to former governors, deputy governors, and other political office holders after their tenure.
Former governors and their deputies from almost in all the 36 states of the federation enjoy similar jumbo pay.
A recent report by Blueprint newspaper catalogues a number of states where such largesse in the name of pensions for political office holders after leaving office is ‘legitimised’.
For instance, the report states in Rivers State, the law provides 100 per cent of annual basic salary for ex-governor and deputy; one residential house for former governor to be located anywhere of his choice in Nigeria; one residential house anywhere in Rivers state for the deputy; three cars for the ex-governor every four years; and two cars for the deputy every four years.
Furniture allowance for the governor is 300 per cent of annual basic salary every four years en bloc; as well as 10 per cent as house maintenance allowance.
In Akwa Ibom, the law provides for N200 million annual pension to ex governors and deputies. They enjoy a pension, for life, equivalent to the salary of the incumbent governor and deputy governor respectively.
Similarly, they are entitled to new official car and utility vehicle every four years; one personal aide and provision of adequate security; a cook; chauffeurs and security guards for the governor at a sum not exceeding N5 million per month and N2.5 million for the deputy governor.
There is also free medical service for governor and his spouse at an amount not exceeding N100 million for the governor per annum and N50 million for the deputy governor.
Also, there is a five-bedroom mansion in Abuja and Akwa Ibom and allowance of 300 per cent of annual basic salary for the deputy governor.
The ex-governor also takes a furniture allowance of 300 per cent of annual basic salary every four years in addition to severance gratuity.
The Kano State Pension Rights of Governor and Deputy Governor Law 2007 provides for 100 per cent of annual basic salaries for former governors and their deputies, with a furnished office as well as a six-bedroom house, ‘well-furnished’ four-bedroom for deputy, plus an office.
The former governor is also entitled to free medical service along with his immediate families within and outside Nigeria where necessary. It is same for deputy.
Two drivers are also part of the former governor’s entitlement and a driver for his deputy; and personal staff below the rank of a Principal Administrative Officer and a PA not below grade level 10. There is a provision for a 30-day vacation within and outside Nigeria.
In Gombe, there is N300 million executive pension benefits for the ex-governor.
The Zamfara version of the law, signed in 2006, gives former governors pension for life; two personal staff; two vehicles replaceable every four years; two drivers; free medicals for the former governors and deputies as well as their immediate families in Nigeria or abroad.
The law also gives the former governors a four-bedroom house in Zamfara and an office, free telephone and 30 days paid vacation outside Nigeria.
In Sokoto, former governors and deputy governors are to receive N200 million and N180 million respectively, being monetisation for other entitlements which include domestic aides; residence and vehicles; that could be renewed after every four years.
Section 2 (2) of the Sokoto State Grant of Pension, Governor and Deputy Governor, Law, 2013, states that “the total annual pension to be paid to the governor and deputy governor, shall be at a rate equivalent to the annual total salary of the incumbent governor or deputy governor of the state respectively.”
Auto
Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day
Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day
Toyota By CFAO, the authorized distributor of Toyota vehicles in Nigeria, has commenced a three-day special display of the latest new Toyota models from the company at an Open Day organised in Port Harcourt, Rivers State, for residents of the city and its surrounding areas.
The Toyota By CFAO Open Day holds from Tuesday, November 26 to Thursday, November 28, 2024, according to a statement by the company.
The event running from 9am to 5pm each day is taking place at the auto company’s showroom located at 184B, Trans-Amadi Industrial Layout, Port Harcourt.
It discloses that the exciting event will feature the highly anticipated 2024 Toyota Land Cruiser Prado, one of Toyota’s flagship models, alongside a range of other exceptional vehicles tailored for the Nigerian market.
This, it notes, is an exclusive opportunity for attendees to explore the latest in automotive excellence, discover new vehicle options, and benefit from Toyota By CFAO’s End of Year Bonanza.
General Manager of CFAO Mobility Port Harcourt, Julius Fasetire, encourages all residents to “come witness history in motion as we proudly unveil the All-New 2024 Toyota Land Cruiser Prado.
“Be among the first to explore this remarkable masterpiece and discover our full range of Toyota vehicles. Don’t miss out on the chance to experience automotive excellence and enjoy a free diagnostic check for your Toyota vehicle!”
The 2024 Toyota Land Cruiser Prado has already generated excitement across the country, following its recent unveilings in Lagos and Abuja.
The product is quickly becoming one of the most sought-after sports utility vehicles in Nigeria, appealing to both corporate and individual buyers.
With over 11.3 million units sold globally in more than 170 countries, the Land Cruiser Prado is renowned for its rugged off-road capabilities and comfort for everyday driving.
The firm says this year’s model comes in two distinctive editions – the Limited Edition (First Edition) and the Adventure Edition – both equipped with a 2.4L turbocharged gasoline engine and an 8-speed automatic transmission, ensuring superior performance both on and off the road.
Toyota By CFAO also says it ensures that genuine parts and a comprehensive 3-year/100,000 kilometre warranty are available for all customers.
In addition to the Land Cruiser Prado, the event will showcase a variety of other popular Toyota models including the Belta, Rumion, RAV4, Camry, and Hiace.
The Open Day, it stresses, promises to be a must-attend event for anyone interested in exploring the world of Toyota vehicles, from luxury to practicality, and experiencing firsthand the future of automotive technology.
The company says more details about the rich offering of Toyota in the Nigeria market can be obtained from https://www.toyotabycfao.ng/.
Business
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.
He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.
The amount represents an increase of $82 million or 2.05 per cent in 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.
However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.
Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.
“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.
“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.
“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary
“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”
Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.
The CBN governor said, “The currency has been stable compared to what it was in June”.
But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.
Cardoso said diaspora remittance had increased due to policies put in place.
He commended those in the diaspora for helping the country accomplish over $600 million in remittances.
Business
Naira rises to N1,755/$ in parallel market
Naira rises to N1,755/$ in parallel market
The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.44 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.44 per dollar from N1,675.62 per dollar on Monday, indicating N16.18 appreciation for the naira. The volume of dollars traded (turnover) increased by 219.5 percent to $425.98 million from $108.79 million traded on Monday.
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Consequently, the margin between the parallel market and NAFEM rate narrowed to N95.56 per dollar from N117.38 per dollar on Monday.
Naira rises to N1,755/$ in parallel market
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