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Salaries And Earnings Of Nigerian President And Vice President

Salaries And Earnings Of Nigerian President And Vice President

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Salaries And Earnings Of Nigerian President And Vice President

Salaries And Earnings Of Nigerian President And Vice President

Salaries And Earnings Of Nigerian President And Vice President

Salaries And Earnings Of Nigerian President And Vice President

Today, NIGERIA NEWS would be analyzing the salaries, and remunerations of political office holders, with a special interest in the remuneration of the president, vice president of the federal republic of Nigeria.

We remember that in a previous post published on NIGERIA NEWS, the salaries of the Senate president, the deputy senate president and the principal officers of the Senate were carefully addressed, analyzed. The pays of ordinary senators with no portfolio in the red chambers were also duly considered.

We also remember that the salaries and remuneration of the speaker, deputy speaker and other principal officers of the federal house of representatives were also carefully scrutinized and laid out. Remunerations of ordinary members of the House of Representatives were duly considered too.

The role of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), as empowered by Part 1 of the Third Schedule of the 1999 Constitution, as amended in 2011, is to outline the salary earnings appropriate for individuals who hold political offices.

In 2015, The Revenue Mobilisation Allocation And Fiscal Commission were tasked by the Buhari administration to make a candid review of the salaries and earnings of the political office holders as well as public servants.

In June 2015, The commission came out with a good structure analysis of the earnings all public office holders should collect. The review was in fact to be stricto senso adhered to by the federal, state and local governments.

Momentarily, NIGERIA NEWS would analyze and break down the total worth of salaries, remunerations, and earnings of the president and vice president of Nigeria.

Salaries And Earnings Of Nigerian President And Vice President

Salaries And Earnings Of Nigerian President And Vice President

The President

According to the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), the president of Nigeria earns a monthly salary of N3, 514, 705. Altogether, the president earns N1,171,568.33 month summarily totaling an annual salary of N14,058,8204.

The president is also entitled to a 300 percent of his annual basic salary to the tune of N10, 544, 115 as severance gratuity which is to pay to him in full upon completion of his tenure.

The President is entitled to some monetized privileges given in form of allowances. One major important one being a regular hardship allowance which is 50 percent of the basic salary and amounts N1,757,350.50.

Additionally, the president is accrued to 250 percent of his Annual Salary as Constituency Allowance which sums up to a total of N8, 786,762.50.

He is also entitled to a 400 percent of his annual basic salary to the tune N14, 058, 820 as motor vehicle loan, should the president want to buy and service his own vehicle. The loan is expected to be repaid before the end of his tenure.

The leave allowance of the president is 10 percent of the annual basic salary and it totals to a summary amount of N351, 470.50 yearly.

The president has accrued upon request an access to presidential accommodation on travels within and outside the country. He is also entitled to duty tour allowances and estacode.

On the other side, the federal government provides the president’s vehicles and as well as their maintenance. Similarly, the domestic staffs, entertainments, utilities, securities, presidential Aides, House Maintenance, Special Adviser and a Personal Assistant are also provided by the federal government.

The federal government also provides the president with wardrobe facilities, newspapers, and medical services.

Salaries And Earnings Of Nigerian President And Vice President

Salaries And Earnings Of Nigerian President And Vice President

The Vice President

The Vice President of Nigeria enjoys the same benefits as the president of Nigeria with a little exception to his Annual Basic Salary and total allowance accrual to him.

The review provides for an Annual Basic Salary of N 3, 031, 572.50, and a total allowance of N 9, 094, 717. 50. This brings annual salary to a total of N 12, 126, 290.00 and a monthly payment of N 1, 010, 524.17.

The  vice president has accrued upon request an access to presidential accommodation on travels within and outside the country. He is also entitled to duty tour allowances and estacode.

On the other side, the federal government provides the vice president’s vehicles and as well as their maintenance. Similarly, the domestic staffs, entertainments, utilities, securities, presidential Aides, House Maintenance, Special Adviser and a Personal Assistant are also provided by the federal government.

The federal government also provides the president with wardrobe facilities, newspapers, and medical services.

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