Connect with us

Business

How to budget on a N300,000 salary

Published

on

Earning as high as N300,000 in Nigeria today sure puts you in the top echelon of salary earners.

According to the Nigerian Bureau of Statistics NBS, Nigeria’s minimum wage is N30,000, so a N300,000 salary puts you at least ten times above the national minimum wage.

To put this more into context, we may consider the current civil service pay structure. According to statistics from the Lagos state government Harmonized Public Service Structure HPSS, a grade 14 state worker earns between N325,518 to N457,952.

These are top government officials and earnings anywhere in the region of these salaries definitely puts you way ahead of a lot of civil service and private sector workers.

While these numbers suggest that one can live a lavish lifestyle with N300,000, the reality is far from that.

In today’s Nigeria, N300,000 per month would actually let you live on average and failure to plan or budget properly might plunge you into financial trouble.

Perth Partners infographic, shows the reality of living on N300,000 per month and the realities are indeed appalling. For instance, after spending conservatively and saving for rent, a worker would be left with no more than N15,000 for miscellaneous expenses.

The most worrisome part of the data is the fact that investing was not factored in. Apparently, a worker earning N300,000 can save, pay for their rent, bills, transportation etc. without putting anything aside for investing and still live from “hand to mouth”.

Little wonder, many workers who have worked for the statutory 35 years in civil service leave with almost no investment on the ground.

It is clear that thriving and surviving on a N300,000 paycheck requires a thorough and well-calculated plan to eventually escape the proverbial “rat race”.

How much is enough? Will a pay raise help my financial situation? Can one eventually kiss financial struggles goodbye?

Unfortunately, a very good percentage of workers experience varying degrees of financial difficulty. CNBC statistics show that about 70% of Americans feel financially stressed.

That is, seven out of ten Americans experience financial problems of one sort or another. The problem can be linked with financial literacy.

According to Credit Donkey, only 32% of US households prepare a budget.

This goes to show how many people have a spending plan as against spending on impulse. Spending without a budget only works when one has substantially more money than their needs and wants and definitely not in a case of scarce resources like a N300,000 salary earner.

Hence, it is not only advisable but indeed necessary for salary earners to not only draft but commit to a budget.

How to budget on a N300,000 salary

  • Understand the reality of the situation: Some salary earners are yet to realise the severity of the prevailing economic situation in Nigeria. For example, the NBS economic report for August put inflation figures at 24.08%. The cost of petrol has surged year-on-year by 216%. The reality of the matter is that the purchasing power of the same salary earned a year or two ago has drastically reduced today. Hence, more financial prudence must be applied. Understanding the reality of the situation makes the individual see budgeting as a necessity and not an option.
  • Assess your net income: Do you know how much you take home on average every month? For some, these numbers are not steady as allowances and other benefits differ at different times of the year. However, to create an effective budget you need to get a very specific amount you expect every month and work with this number. Assuming ambiguous figures or expecting more than is available may lead to budgeting errors.
  • Create a spending limit: Admittedly, it is difficult these days to allocate exact amounts to expenses because the prices of everyday items fluctuate wildly. The other option on the table is setting a cap on your spending. For example, you may cut off unnecessary spending once your expenses cross a certain threshold.
  • Cut off impulsive spending: Living off a N300,000 salary invariably means some expenses are off your reach especially if your goal is to avoid financial ruin. Unplanned expenses should be avoided. Only make expenses that have been planned beforehand. Avoid the urge to impress people with your spending or trying to “keep up with the Joneses”
  • Cut costs as much as possible: Creating and sticking a budget may be nearly impossible if you do not cut existing costs. For instance, experts recommend that your rent shouldn’t take more than 30% of your salary. However, instead of renting an apartment that takes up 30% of your salary, you may opt for a lower-tier property that costs way less or choose apartments in low-cost areas.
  • Seek professional financial help: For some, the solution may require them to see a financial counsellor. The job of the counsellor/ advisor is to help identify financial problems and proffer solutions. A financial advisor may identify bad spending habits or unrealistic savings expectations as the reason for the budgeting difficulty and help you with practicable solutions to help you improve.

In conclusion, living on a N300,000 monthly salary may require you to adopt a prudent financial plan.

The scarce financial resources require tact, discipline and flexibility to stay on top of your finances, invest and have enough savings for the rainy days.

Business

31 electricity towers affected as vandals destroy transmission lines in Edo communities

Published

on

By

The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.

In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.

Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.

“A total of 31 towers were affected in this incident,” she said.

“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”

‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’

Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.

The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.

On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.

The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.

The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.

“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.

“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.

“Additionally, the line will be energized from the Ahoada end as a preventive measure.”

Mbah added that efforts are underway to replace the stolen 250mm conductor.

Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.

The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.

She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.

Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.

Continue Reading

Business

NCAA issues aerodrome certification for Lagos, Abuja international airports

Published

on

By

The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.

This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.

The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.

The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.

“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.

The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.

Continue Reading

Business

Lagos state government plans traffic diversion in Ikeja for 10km Capital City Race today

Published

on

By

The Lagos State Government has announced plans for a traffic diversion to accommodate the 10km Capital City Race scheduled for Saturday, November 23, 2024.

The race, which runs between 5:00 AM and 11:00 AM, will affect several major roads in the Ikeja axis, requiring motorists to explore alternative routes during the event.

A statement published on the official X (formerly Twitter) account of the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, on Friday, highlighted the affected routes.

These include Shoprite Alausa, Billings Way, Kudirat Abiola Way, Opebi Link Bridge, Allen Avenue, Adeniyi Jones, and Oba Akran Avenue.

The race will conclude at the Police College Sports Secretariat/Gym. Junctions and intersections along these roads will be temporarily blocked and manned by officials from the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force (NPF), the Federal Road Safety Corps (FRSC), and the Lagos State Neighborhood Corps (LSNC) to ensure a smooth event.

“The Lagos State Government has announced that traffic will be diverted to accommodate the maiden edition of the 10-kilometer Capital City Race between 5:00 am and 11.00 am tomorrow Saturday,  23rd November,  2024. 

“To this end, the following route starting from; Shoprite Alausa Ikeja inwards Billings Way to Kudirat Abiola Way, Opebi Link Bridge, Opebi Glo Tower inward Allen Avenue, Allen Junction, GTBank on Adeniyi Jones,  AP Filling Station on Oba Akran Avenue, Samsung Authorized Service Centre to Police College Sports Secretariat/Gym will be partially closed off to vehicular movement. 

“Consequently, all junctions and intersections from Shoprite Alausa Ikeja to the destination (Police College Sports Secretariat/Gym) will be blocked with barriers, manned by LASTMA, NPF, FRSC, and LSNC to prevent other road users access to the main race corridor,” the statement read in part.

The Lagos State Commissioner for Transportation urged motorists to remain patient as the road closures are part of the traffic management plan for the event. He added that intersections will be intermittently reopened as the race progresses to minimize inconvenience for road users.

Motorists are advised to plan their movements accordingly and cooperate with traffic officials to ensure the success of the inaugural Capital City Race.

In addition to the planned traffic diversion in Ikeja for the 10km Capital City Race, other traffic diversions are currently in effect across Lagos to accommodate critical infrastructure projects.

The Lagos State Government recently announced a 15-month traffic diversion at Mile 2, which began on November 11, 2024, to facilitate the construction of the new Transport Interchange Terminal. This project aims to integrate rail, bus, water, and non-motorized transport, addressing the city’s growing transportation needs.

The diversion affects Loop 1 on the Apapa-bound lane and Loop 4 on the Badagry-bound lane and will last until February 16, 2026. Motorists are advised to use alternative routes, such as Akinwande Road for Badagry-bound traffic and Durban Road for Apapa-bound traffic, to ease congestion.

Additionally, a three-month traffic diversion on the Marine Bridge, outbound Apapa, commenced on Monday, November 18, 2024. This diversion, set to run until February 25, 2025, is to allow for urgent asphalt repairs overseen by the Federal Ministry of Works.

Motorists heading toward Lagos Island are advised to use the Eko Bridge via Costain Roundabout, while those heading to Ijora Causeway or Iddo can navigate through Ijora 7up or other designated routes.

These diversions are part of ongoing efforts by the Lagos State Government to improve transportation infrastructure while minimizing disruption for road users.

Continue Reading

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

Most Read...