Nigeria’s President and Vice President’s New Salary Structure: [Monthly & Annual] See Details Below
We are conversant with the luxurious and extravagant lifestyle of most Nigerian politicians and sometimes we begin to wonder how much is their take home pay for a month(monthly salary). We recently checked out the salary of Nigerian governors and today we are sifting to focus to the president and his vice . This article has in it the correct Salary Structure of Nigeria President and the vice president
The Nigerian president, Muhammadu Buhari reduced excesses in the salary of top office holders in the government the likes of governors, senators and what have you . The president himself also had a fair share of this newly introduced system. The salary reduction came into effect almost immediately he became president; his reason being that there was need to cut government expenditure. Many Nigerians perceived this as a welcomed development and what a good leader must subscribe to if he really wants to maintain a healthy economic system. One of the high point of this development is that only the salary of the president and his vice was cut by 50%.
After this reduction was successfully executed, the president’s salary was reduced to “N14 million naira”. This means his basic salary will be “N3, 514, 705” this amount was made public by the revenue Mobilization Allocation and Fiscal Commission(RMAFC). There are couple of entitlements that make it N14 million naira and they are consistency allowance, which makes up 250% of his annual salary and amounts to N8, 786,762.50 — hardship allowance, which is 50% of the basic salary and amounts to N1, 757, 350.50.
Don’t also forget that there are other several things that is to be made available to the president of a country by the federal government and they include things like “periodicals, domestic staff, personal assistant, newspapers, security, utilities, entertainment, special assistant, vehicle maintenance , vehicle fueling , medical needs, estacode per night, duty tour allowance per night, furniture allowance and accommodation”.
That is to say that, Nigeria’s president, Muhammadu Buhari, and his deputy, Yemi Osinbajo, is legally entitled to annual basic salaries of “N3, 514, 705” and “N3, 031, 572.50” respectively as revealed by the website of the Revenue Mobilization Allocation and Fiscal Commission. The RMAFC is statutorily empowered by Section 32 (d) of Part 1 of the Third Schedule of the Constitution to determine the remuneration appropriate for political office holders.
Aside the salaries and allowances mentioned above, let’s not forget that the president is entitled to various regular allowances like: Hardship, 50 percent of the basic salary – N1, 757, 350.50; consistency – 250 percent, N8, 786, 762.50. Other regular allowances encompasses special assistant, personal assistant, domestic staff, motor vehicle fuelling and maintenance, entertainment, utilities, security and Newspapers and periodicals are the responsibility of the government – they are duly provided for not paid for.
Don’t also forget that Allowances like accommodation, furniture, and duty tour allowance (per night), estacode (per night) and medical allowances are also provided by the government .
Mind you, these allowances are paid periodically, some monthly, a few once in four years. Duty Tour Allowance and Estacode depend on travels. Allowances like furniture allowance to other cadre of officials, like ministers and the Secretary to the Government of the Federation are provided once in every 4 years. The total summation of all the allowances of President Buhari will is N1, 171,568.33 each month, and N14, 058, 820.00 yearly.
The Complete Breakdown Down Of Allowances:
The president’s severance gratuity is N10, 544, 115, that is 300 percent of basic; he is entitled to a leave allowance of N351, 470. 50, (10 percent of basic salary) and an optional motor vehicle loan of N14, 058, 820, at 400 percent to be repaid before the expiration of the president’s tenure. Mr. Osinbajo on the other hand will get allowances such as motor vehicle, domestic staff, entertainment utility, feeding and maintenance, special assistant, personal assistant,periodicals, security and newspaper .
Mr. Osinbajo will also get Hardship, Consistency, Severance gratuity and Leave allowance set at N1, 515, 786.25; N7, 578, 931.25; N9, 094, 717.50 and N303, 157.25 respectively. The new salary structure clearly states that he will also receive a motor vehicle loan at 400 per cent of his basic salary which is N12, 126, 290; to be repaid at the expiration of his tenure.
Talking you back to the previous government of Olusegun Obasanjo, he received N2,586,000 per annum while his deputy, Atiku Abubakar was paid N1,938,000 . The Chief Justice of Nigeria and the Senate President also received the same basic annual salary.
What do you think about this salary and allowances of Nigeria’s president and his vice, are they fair enough or too much for them.