FG should look into bank fees and pension deductions, this was proposed by Chidoka, former Aviation Minister as a strategy to mitigate the effects of subsidy elimination.
Former Aviation Minister Osita Chidoka has urged President Bola Tinubu and the FG to take immediate action to decrease workers’ monthly contributions to pension schemes and abolish bank fees in order to mitigate the impact of the loss of fuel subsidies on the general public.
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Chidoka, a PDP leader and supporter of former Vice President Atiku Abubakar, appeared on Sunday Politics on Channels Television.
“We must think beyond politics.” When the FG made the decision to remove subsidies, petrol prices soared by 100 and something naira to 500 and something naira in a day.
He stated that the N26 and N56 fees for bank transactions in Nigeria should be eliminated immediately. That money goes to the banks, who simply enrich themselves.
Alternatively, you might charge N100 for IT (Information Technology) support on a monthly basis. As a result, people will have more money.
The second is that our pension scheme has amassed a significant amount of money, and that pension scheme now requires people to pay 12% of their salaries from the employers’ side.
So, I believe you can reduce the amount that people contribute for a year or six months to allow for more money, he explained.
In this manner, another N10,000, or N5,000, as the case may be, enters the pockets of the people who go to work every day immediately from the next month’s salary.
They can pay for their transportation because they have to go to work tomorrow. We can’t wait for you to make a decision (on ministerial appointments) to alleviate the suffering, he stated.
The ex-minister went on to say that in order to account for current economic conditions and inflationary shocks, the minimum wage should be raised from its current amount of N30,000.
He said that despite the fact that the Tinubu administration stopped offering subsidies on its first day in office, it was saddled with a $3 billion debt owed to gasoline importers.
The past is already catching up with Tinubu because there is about $3 billion owed to fuel importers.
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The four largest businesses bringing petroleum into Nigeria are in debt to the tune of $3 billion, and they have not been provided with enough crude to cover their obligations.
As a result, he Tinubu must pay the backlog of those debts, Chidoka explained.
