The
Federal Government on Monday night began the implementation of the 25
per cent reduction in the basic salaries of members of the Federal
Executive Council.
The deduction is expected to reflect in their take-home pay for the month of January.
The move followed an earlier directive by President
Goodluck Jonathan for the basic salaries of members of the Executive to
be slashed by 25 per cent in the wake of the strike over petrol subsidy
removal.
The move, according to Jonathan, is to reduce the cost of governance.
The Minister of State for Finance, Dr. Yerima Ngama,
confirmed the implementation of the directive, while briefing
journalists shortly after the monthly Federation Account Allocation
Committee meeting in Abuja.
“The process of salary cut has begun and it is taking
effect from this January. As a matter of fact, the computation for the
reduction of the 25 per cent had already been done by the
Accountant-General of the Federation,” he said.
Also, at the meeting which began at 7pm and lasted
till about 10.09pm, the committee moved to ensure that civil servants
got their salaries by January 20 as directed by the President. It shared
N559.11bn, for the month of December 2011, among the three tiers of
government.
The money is expected to cushion the effect of the
increase in the pump price of petrol following the partial removal of
subsidy on the product.
The N559.11bn, according to Ngama, will be credited to the beneficiaries’ accounts immediately.
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