Nigeria’s President, Muhammadu Buhari and Vice President, Osinbajo annual basic salaries is N3, 514, 705 and N3, 031, 572.50 respectively.
The salary breakdown of Nigeria’s President and Vice president , was made public by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), which 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, published the information on its website.
Nigeria’s President and Vice President’s Salary Structure
The President is also entitled to several regular allowances apart from his basic salary, such as; Hardship allowance, which is 50% of his basic salary, N1, 757, 350.50; consistency allowance which is 250% , N8, 786, 762.50.
There are other regular allowances like motor vehicle fuelling and maintenance, special assistant, personal assistant, domestic staff, entertainment, utilities, security and Newspapers and periodicals. These ones are provided by the government and not paid for.
Allowances on accommodation, furniture, duty tour allowance (per night), estacode (per night) and medical allowances are also to provided once requested.
You should be aware that the allowances are paid periodically, i.e monthly, or even once in four years. Duty Tour Allowance and Estacode depend on travels.
After adding up all allowances, Buhari will earn N1, 171,568.33 and and N14, 058, 820.00 yearly.
As for the Vice President, Osinbajo, he will earn N1, 010, 524.17 monthly, and N12, 126,290.00 in a year.
Breakdown down of allowances:
The president’s severance gratuity is N10, 544, 115, that is 300 per cent of basic; he is entitled to a leave allowance of N351, 470. 50, (10 per cent of basic salary) and an optional motor vehicle loan of N14, 058, 820, at 400 per cent to be repaid before the expiration of the president’s tenure.
In addition to allowances like; motor vehicle, feeding and maintenance, special assistant, personal assistant, domestic staff, entertainment utility, security, newspaper and periodicals; 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.
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.
The RMAFC reviewed the salary structure in 2007, following the salary structure review and associated allowances for the top federal public office holders earlier carried out by the National Salaries and Wages Commission, which took effect on May 1, 2000 – after theOlusegun Obasanjo administration.
The former president’s basic annual salary was N2,586,000 per annum, while that of his deputy,Atiku Abubakar was N1,938,000, the same as that of the Chief Justice of Nigeria and the Senate President.
At the moment, the official salary of President Buhari is N3.51 million per year, Vice President Osibanjo (N3.03 million), Minister (N2.02 million), Minister of State (N1.95 million) and Special Adviser (N1.94 million), Governor (N2.22 million), Deputy Governor (N2.11 million), and Commissioners (N1.33 million).
Following 50 per cent drop in revenue, inflation and the high cost of living, the Federal Government has commenced the review of the Remuneration Act which will affect what the president, vice president, governors, and others will earn.
The review will also affect the remunerations of other political officeholders including the ministers, the National Assembly members and the judiciary.
What is your take on Nigeria’s President Salary Structure? Do you think his and the vice president’s take home pay is worth it?