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.”
Business
Petrol price: Dangote counters NNPC, says crude sale in naira starts Oct 1
Petrol price: Dangote counters NNPC, says crude sale in naira starts Oct 1
Dangote refinery has carpeted the Nigerian National Petroleum Company Limited (NNPCL) for reportedly misleading members of the public on the cost of petrol brought from the refinery.
Anthony Chiejina, Group Chief Branding and Communications Office of Dangote, stated this in reaction to an earlier statement by the NNPC that it bought a litre of petrol from the new refinery at N898/litre.
Chief Spokesperson for the NNPCL, Olufemi Soneye, was quoted as saying, “We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per liter is incorrect. For this initial loading, the price from the refinery was N898 per litre.”
The oil firm moved about 300 trucks to the 650,000 capacity refinery in Lagos, on Saturday, and loading commenced on Sunday.
But in its statement, Dangote Refinery said, “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.
“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.L
“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.
“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing.
“With this action, there will be petrol in every local government area of the country regardless of their remote nature.
“We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”
Business
Dangote sells petrol N898/litre to NNPC, motorists buy N855 at filling stations
Dangote sells petrol N898/litre to NNPC, motorists buy N855 at filling stations
Hours after commencing loading of petrol from Dangote Refinery in Lagos, the Nigerian National Petroleum Company Limited (NNPCL) on Sunday began dispensing fuel to motorists at its filling stations without too long queues.
This came as the NNPCL disclosed that that it bought fuel from Dangote at N898 per litre.
Spokesperson for the NNPCL, Olufemi Soneye, said, “We successfully loaded PMS (petrol) at the Dangote Refinery today.
“The claim that we purchased it at N760 per litre is incorrect. For this initial loading, the price from the refinery was N898 per litre.”
This is contained in a statement issued to Daily Trust on Sunday, clarifying that the price of petrol was higher than previously reported figures.
A correspondent of newstrends.ng however observed that the product was sold on Sunday at N855/litre at all filling stations controlled by the national oil firm in Lagos.
In Idimu, Egbeda and Akowonjo among other areas, the NNPC dispensing outlets were seen selling petrol in an orderly manner.
Some stations had short queues; some had none as the vehicles waiting to buy were within the walled compound.
The NNPCL on Saturday confirmed mobilising 300 trucks for loading at the Dangote Refinery’s 650,000 barrels per day capacity in Lagos.
Loading operations commenced on Sunday, with over 70 trucks loaded by afternoon.
Business
Petrol: Dangote pump price emerges as NNPC trucks begin loading
Petrol: Dangote pump price emerges as NNPC trucks begin loading
There are indications that petrol may be sold between N857 and N865 per litre at filling stations after the Nigerian National Petroleum Corporation Limited (NNPCL) starts lifting the product from Dangote Refinery today (Sunday).
The NNPCL, as the sole off-taker of petrol from the refinery, is projected to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it at between N857 and N865 at the pump at filling stations.
Petrol as of Saturday was sold at N855 per litre at NNPCL retail stations in Lagos and it was the cheapest anyone could buy the product while major marketers sold around N920.
At independent marketers’ outlets, the price was over N1,000.
Elsewhere across the country, petrol sold for more than N1,200 per litre.
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Negotiations
Vanguard reports the new arrangement from the NNPCL and Dangote Refinery negotiations, spanning more than one week, would allow Nigerians to get petrol at between N857 and N865 per litre and represents an average under-recovery of about N130 to NNPCL.
President Bola Tinubu, according to a Presidency source, made it clear to the negotiating parties that “the price at which petrol would be sold to Nigerians should not place heavy financial burden on them while dealing with the new reality of the prevailing price”.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed optimism that the deal would reduce the pressure on foreign exchange (FX) demands and shore up the value of the Naira – presently, between 30% and 40% of FX demands go into the importation of petrol.
Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, who confirmed the readiness of the company to start lifting petrol today, told Sunday Vanguard, yesterday: “NNPC Ltd has started deploying our trucks and vessels in the Dangote Refinery to lift PMS in preparation for the scheduled lifting date of September 15th, as set by the refinery.
“Our trucks and personnel are already on-site, ready to begin lifting. We expect more trucks, and the deployment will continue throughout the weekend so we can start loading as soon as the refinery begins operations on September 15, 2024.”
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