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Thursday, July 18, 2024

Economic Strain: House of Representatives Members Agree to 50% Salary Reduction for Six Months

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The members of Nigeria’s House of Representatives have decided to cut their salaries in half for six months. They want to show they care and share the struggles of the Nigerian people, who are finding it hard to afford food and other essentials.

This decision happened during a meeting on Thursday. All the lawmakers agreed that lowering their pay would help the government deal with the high cost of food and hunger in the country.

Speaker Tajudeen Abbas led the meeting. Deputy Speaker Benjamin Kalu suggested changing the first idea and proposed that lawmakers should give away half of their monthly salary, which is N600,000.

Rep. Isiaka Ayokunle had earlier encouraged people who were planning to protest to talk with the government instead. This led Deputy Speaker Kalu to emphasize that cutting their salaries would help the government’s plans to control food prices and make life easier for Nigerians.

He also mentioned that everyone needs to work together and make sacrifices during these tough times.

This action by the House comes while international organizations are also trying to help with Nigeria’s food issues. On March 21, the United States government said they had spent nearly $200 million to help with food security in Nigeria over the past five years. They also gave $150 million in grants to 33 Nigerian private companies. The U.S. Acting Ambassador to Nigeria, David Greene, said they invested $22 million in the cocoa industry, benefiting seven states.

The United Nations announced plans to raise $306 million to fight food shortages in North-East Nigeria. Many people there might face severe hunger from June to October.

What You Should Know

On July 13, 2023, President Bola Tinubu declared a state of emergency on food security in Nigeria. This means that issues about food and water will be managed by the National Security Council.

This was necessary because food prices were rising after the government removed a fuel subsidy, making it more expensive to live for many Nigerians.

According to Nigeria’s National Bureau of Statistics (NBS), in July 2023, food prices increased by 26.98%, which is a 1.73% rise from the previous month. The cost of staple foods like rice, beans, eggs, and grains has doubled over the past year, with some items going up by as much as 160%.

The government is working on several solutions to the food crisis. They plan to create a national commodities exchange board, keep reserves to make sure there’s always food, and use the money saved from removing the fuel subsidy to support farming projects.

A recent report by the International Rescue Committee (IRC) and its partners found that 16% of Nigerians could face severe food shortages between June and August 2024. This number is higher than in 2023 and shows that living conditions are getting worse in Nigeria and other parts of West and Central Africa.

The report estimated that about 52 million people in these regions, around 12% of the population, might struggle with food during the lean season.

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