The House of Representatives has raised N704 million through a 50 per cent cut in the basic salaries of its members.
Speaker Abbas Tajudeen announced this during the plenary on Thursday.
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He stated that he would lead a delegation to present the money to President Bola Tinubu on 31 December.
In July, members of the House resolved to save 50 per cent of their salaries to support the federal government’s efforts to cushion the effects of economic reforms on vulnerable members of society.
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The resolution followed a motion moved by Deputy Speaker Ben Kalu.
Providing an update on the initiative, Mr Tajudeen said the savings spanned five months and currently amounted to N704 million.
“If you recall, about five months ago, we decided to contribute half of our salaries to address the critical needs of the Nigerian people. I am happy to inform you that so far, we have contributed N704,907,578.82.
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“On December 31, I will lead a delegation of the House leadership to hand over the money to the president for the exclusive use of vulnerable Nigerians who truly need it.
“The contributions you made highlight the steadfastness and dedication of members to addressing the critical needs of Nigerians,” he said.
It remains unclear why the House intends to present the money to the president rather than directly utilising the funds to support vulnerable people.
Economic Hardship
The twin policies of petrol subsidy removal and the floating of the naira have been blamed for the cost-of-living crisis in the country.
The inflation rate stands at 34.6 per cent, with food inflation in November 2024 at 39.93 per cent on a year-on-year basis.
The persistent rise in inflation has raised concerns about its impact on purchasing power, with food and energy costs continuing to exert significant pressure.
=During the budget presentation on Wednesday, Mr Tinubu acknowledged the cost-of-living crisis, stating that no Nigerian should go to bed hungry.
To address the issue, Nigerians have called for a reduction in the cost of governance, particularly the substantial allowances enjoyed by public officials.
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When the lawmakers announced the pay cut in July, many Nigerians praised the move. However, it later emerged that the cuts applied only to the basic salary, which is less than N1 million per month. The lawmakers are believed to earn over N10 million as allowances monthly.
Although the actual take-home pay of members of the National Assembly is still mired in controversy, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) puts the salary of House of Representatives members at about N794,000 monthly.
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