June 26, 2023

A former Minister of Aviation, Osita Chidoka has asked President Bola Tinubu to take quick steps such as removal of bank charges and reduction in the monthly contributions to pension schemes by workers to ameliorate the biting effects of the removal of fuel subsidy on the masses.

Chidoka, a chieftain of the Peoples Democratic Party (PDP) and ally of former Vice President Atiku Abubakar, stated this on Channels Television’s Sunday Politics.

“We need to think beyond politics. When he (Tinubu) took a decision to remove subsidy and he removed fuel subsidy and the fuel prices rose by 100 and something naira to 500 and something naira in a day. What are the immediate measures that can be taken to make sure there is more cash in the pockets of people who go to work every day?” he queried.

“If I was thinking with him, I would have said immediately: remove the charges for bank transfers in Nigeria, the N26 and the N56, cut it immediately. That money goes to the banks and they are just enriching themselves… or make a flat rate of once a month, you can charge N100 for IT (Information Technology) support. So, that puts more money in the hands of people.

“Second one is that our pension scheme has accumulated a lot of money and that pension scheme now requires people to pay 12% of their salaries from the employers’ side.

“So, I’m think you can reduce the amount the people are contributing for a one-year period or six months to allow more money.

“That way, immediately from the next month salary, another N10,000, N5,000 as the case may be, enters into the pocket of the people who goes to work every day. They are able to pay their transport fare because they need to go to work tomorrow. We can’t wait till when you take a decision (on ministerial appointments) to ameliorate the suffering,” he said.

‘$3bn Owed Fuel Importers’
The ex-minister also said the minimum wage needs to rise from the current rate of N30,000 to reflect the current economic realities and inflationary shocks.

According to him, though the Tinubu government removed subsidy from its day one in office, the administration inherited $3bn debt to be paid to fuel importers.

“The past is already facing him (Tinubu) because there is about $3bn owed to the fuel importers. The four major companies importing fuel to Nigeria has a debt of over $3bn and they haven’t been given enough crude to pay for those debt. So, he (Tinubu) has to pay the backlog of those debts,” Chidoka stated.