The current President of Nigeria, Muhammadu Buhari, lowered his salary almost instantly when he resumed office as the elected president of the Federal Republic.
The cut in his own salary according to him was to reduce government expenses therefore a cut is necessary. This was seen as a positive move by many Nigerians.
The President’s pay has not only been cut by 50%, but his vice even by the same amount meaning that Vice President Yemi Osibajo also got a 50% Slash in salary almost immediately after resuming office.
The president reduced his pay to N14 million naira after the cut.
His minimum earnings are N3, 514, 705, which as reported by Mobilization Allocation and Fiscal Commission.
Other entitlements that make it N14 million naira are:
- The consistency allowance of around up 250% of his annual salary estimated around N8, 786,762.50.
- Hardship allowance- 50% of the basic salary and estimated to be around N1, 757, 350.50.
But the government supplies the president without having to make payments for certain provisions as an executive. Some items are books, books, insurance, services, entertainment, housekeepers, staff assistants, repair assistants, and fuel for vehicles.
Apart from the ones listed above, other things the government provides for is medical attention, estacode per hour, service tour allowance per week, furniture allowance and accommodation are also included as we stated earlier. The president collects these allowances annually and there are other allowances issued monthly.
The President gets certain extra payments once every four years. The payments corresponding to this last section are the allowance for estacode and the service fee.
According to the Revenue collection and the Fiscal Commission, Nigeria President Muhammadu Buhari and its deputy Prof. Yemi Osinbajo will earn a salary of N 26.18 million ($73,000) a year.
The salary shall include the President, the Vice-President and the Heads of State and their secretaries, chiefs of staff, legislative and judicial officials, and the salaries and expenditures of these officials. For the dates and durations of payment referred to in RMAFC, the compensation is to be made.
The office of President will receive N1.17 million per month, plus relief incentives from President Muhammadu Buhari, a continuity allowance and a fixed wage.
Further assessment showed the President’s regular monthly pay at N292,892, the hardship compensation at N146,446 per month and the consistency compensation (250 percent of the basic salary) at N732, 230 per month.
Prof Yemi Osinbajo will earn N1.01 million for the position of vice-president, plus benefits as provided for the office of president.
He also has access to N126,315 per month as a hardship reimbursement and N631, 577 per month as a continuity reimbursement.
Governors & Deputy Governors
More investigations indicate that N649,000 and N616,000 per month are received by the executive governors and the deputy state governors.
Many incentives for senior government officers include housing expenses, chairs, every night services, petrol and repairs for motor vehicles. Such payments shall be charged out of the official salary distribution system for each benefit.
Their paylips also include distress and consistency compensation.
- NDA Students’ Salary Structure and Ranks (2021)
- How to calculate PAYE in Nigeria in 2021
- UBA Click credit Loan: Interest Rate, Requirements & Apply
- Top 5 Payday loans in Nigeria (Salary Advance)
- How to Convert MTN Credit/Airtime to Data (2021)
- How to Subscribe Airtel N1000 for 3GB & 4GB
- Huawei Trade ban lifted after G20 Summit
- How to Apply for GEEP loan in 2021
- Diamond Bank Loan Interest Rate and Requirements
- How to Get Stanbic IBTC loan in 2021