House Of Representatives Raises N704 Million Through 50% Salary Cut

The House of Representatives on Thursday collected N704 million by cutting 50% from its members' basic salaries, according to Speaker Abbas Tajudeen.

The speaker mentioned that he would lead a group to give the money to President Bola Tinubu on Dec. 31. Back in July, the members agreed to save half of their salaries to help the federal government support vulnerable citizens affected by economic reforms.

The decision was made after a motion was introduced by Deputy Speaker Ben Kalu. Tajudeen provided an update on the initiative, explaining that the savings, which were collected over five months, have now reached N704 million, Premium Times reported.

He informed the House that members had agreed to contribute half of their salaries to help address the urgent needs of Nigerians. So far, they have raised N704 million.

When the lawmakers announced the salary cut in July, many Nigerians praised the decision. However, it was later revealed that the cut only applied to the basic salary, which was less than N1 million per month.

Lawmakers are supposed to earn over N10 million in allowances each month. While the exact salary of National Assembly members remains unclear, the Revenue Mobilisation Allocation and Fiscal Commission states that House of Representatives members earn around N794,000 per month.

Tajudeen will lead a group of House leaders to hand over the money to Tinubu, ensuring it is used for the benefit of vulnerable Nigerians in need. He praised the members for their commitment to supporting the people of Nigeria.

It is unclear why the House plans to give the money to the president instead of using it directly to help vulnerable people.

The removal of the petrol subsidy and the floating of the naira have been blamed for the country's rising cost of living. The inflation rate is currently at 34.6%, with food inflation at 39.93% in November 2024 compared to the previous year. The ongoing rise in inflation has raised concerns about its effect on people's ability to afford basic goods, with food and energy costs causing major pressure.

During the budget presentation Wednesday, Tinubu acknowledged the cost-of-living crisis and emphasized that no Nigerian should go to bed hungry. To address this issue, many Nigerians are calling for a reduction in the cost of governance, especially the high allowances given to public officials.