Review Bank Charges, Pension Deductions; Ex Aviation Minister tells FG

Osita Chidoka, a former minister of aviation, has called on President Bola Tinubu to take action regarding removing bank charges and reducing pension contributions to alleviate the impact of the petrol subsidy removal on Nigerians.

In an interview with Channels Television on Sunday, Chidoka emphasized that implementing these measures would serve as a palliative for the hardships faced by Nigerians due to the removal of the petrol subsidy.

On May 29, the federal government, through Tinubu, declared an end to petrol subsidy payments.

Since this announcement, the price of petrol has surged to approximately N500 per liter.

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Expressing his concern, the former minister criticized the abrupt removal of the petrol subsidy and stated that the federal government did not adequately consider ways to mitigate its impact on Nigerians.

“When he took the decision to remove subsidy and fuel prices rose by over N500 in a day, what are the immediate measures that can be taken to ensure that people who work every day have more cash in their pockets?” he questioned.

“If I were thinking with him, I would have suggested immediately removing the charges for bank transfers in Nigeria, the N26 and the N56, cut it immediately.

“That money goes straight to the banks, enriching them without justification. Alternatively, establish a flat rate of N100 per month for IT support.

“This would put more money into the hands of the people,” Chidoka explained.

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He added, “Our pension scheme has accumulated a significant amount of money, and currently, individuals are required to contribute 12 percent of their salaries from the employers’ side.

“Therefore, I believe we can reduce the contribution amount for a period of one year or six months to allow for more disposable income.

“This way, starting from the next month’s salary, an additional N10,000 or N5,000, as the case may be, would be available to individuals who work every day.

“They would be able to afford their transportation expenses necessary for commuting to work tomorrow.”