Nigeria President Salary and Vice Allowance Breakdown

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) was the organization that declared publicly how much the president and his vice would be earning. RMAFC is the body that is authorized by the Section 32 (d) of Part 1 of the Third Schedule of the Constitution to determine the remuneration that is appropriate for political office holders, both at federal and state levels.

According to the report made by RMAFC, Buhari will earn annual basic salaries of N3, 514, 705, while the Vice President, Yemi Osinbajo, will earn N3, 031,572.50 annually. According to the constitution of the Federal Republic of Nigeria, the president is also entitled to different regular allowances apart from his basic salary.

Problems and Prospects of Budget Implementation in Nigeria

PIC. 4. PRESIDENT MUHAMMADU BUHARI (L), PRESENTING THE 2016 APPROPRATION BILL TO A JOINT SESSION OF THE NATIONAL ASSEMBLY IN ABUJA ON TUESDAY (22/12/15). LEFT IS THE SENIOR SPECIAL ASSISTANT TO THE PRESIDENT ON NATIONAL ASSEMBLY MATTAERS (SENATE), SEN. ITA ENANG AND CLERK OF THE NATIONAL ASSEMBLY, ALHAJI SALISU MAIKASUWA.
7803/22/12/2016/ICE/BJO/NAN

Some of the Allowances of the President of Nigeria are as Follows:

Hardship Allowance: The total amount of the hardship allowance stands for up to 50 percent of the basic salary and sums up at N1, 757,350.50 yearly.

Consistency Allowance: The consistency allowance will represent up to 250 percent of the president’s basic salary, and the amount stands at N8, 786,762.50.

Several Other Allowances that Are Not Mentioned Above Include:

  • Special Assistant Allowance
  • Personal Assistant Allowance
  • Entertainment Allowance
  • Domestic Allowance
  • Security Allowance
  • Utilities Allowance
  • Newspapers and Periodicals Allowance
  • Motor Vehicle Fueling and Maintenance Allowance

These eight allowances mentioned above are provided by the Federal Government of Nigeria. These eight allowances are not paid directly to the president, but hardship allowance and consistency allowance are paid directly to the president.

There Are Yet Some Other Allowances Being Paid to the President of Nigeria. These Include:

  • Accommodation Allowance
  • Furniture Allowance
  • Medical Allowance
  • Duty Tour Allowance
  • Estacode Allowance

Allowances that Are Paid Directly to the President Include:

  • Medical Allowance
  • Duty Tour Allowance
  • Estacode Allowance

Allowances that Are Not Paid to the President Directly But Are Provided By the Government Include:

  • Accommodation Allowance
  • Furniture Allowance

Medical allowance, duty tour allowance and estacode allowance are made available for the president if he decides to embark on a duty tour or go for medical checkup or treatment. The duty tour allowance and estacode allowance depends on the number of trips the president embarks on while in office, whereas medical allowance depends on the number of times he has to go for medical checkup.

Various methods adopted by the government in the payment of these allowances outlined above include periodic, monthly and yearly payment of allowances. Duty Tour Allowance varies according to travels.

After summing up all the allowances outlined above, Buhari will earn a total of N1, 71,568.33 every month as president of Nigeria. In addition to his basic salary as president, the total amount the president takes home each stands at N14, 058,820.00.

Some Other Allowances Paid to the President that You Must Take Note of Include:

Leave Allowance: The total amount of N351, 470.50 is paid to the president of Nigeria as leave allowance. The leave allowance represents 10 percent of the president’s basic salary.

Severance Gratuity: The severance gratuity will be paid to the president at the end of his tenure as president after four years or eight years in office as the case may be. The total severance gratuity, which amounts to N10, 544,115, represents up to 300 percent of the president’s basic salary.

Optional Motor Vehicle Loan: The optional motor vehicle loan is paid to the president. Depending on his judgment, he can decide to take the loan or not. The president receives N14, 058,820 as car loan, and this amount represents a total of 400 percent of his basic salary. The president receives the car loan only once all through his tenure as president. Once his tenure ends, he is expected to pay back the money.

The Salary Slash of the President and that of His Vice

When the president made the decision to cut his salary by 50 percent, he also cut that of his vice. The salary of the Vice President of Nigeria, Professor Yemi Osinbajo, was reduced to N1, 010,524.17 per month. This amounts to a total of N12, 126,290.00 annually.

The Vice President’s Allowances are as Follows:

  • Motor Vehicle Allowance, which amounts to N12, 126,290
  • Feeding and Maintenance Allowance
  • Entertainment Utility Allowance
  • Special Assistant Allowance
  • Domestic Staff Allowance
  • Personal Assistant Allowance
  • Security Allowance
  • Leave Allowance
  • Newspaper and Periodicals Allowance
  • Severance Gratuity
  • Hardship Allowance
  • Consistency Allowance

The amount the Vice President takes home as motor vehicle loan is 400 percent of what he earns as his basic salary. The Vice President is expected to pay back the car loan at the expiration of his tenure, just as it is with the president.

After the salary structure review and associated allowances for the top federal public office holders were carried out by the National Salaries and Wages Commission, the RMAFC made a review of the above salary structure in 2007.

When Olusegun Obasanjo became president of Nigeria on May 1 2000, there was a bad-mannered salary structure. The basic annual salary of the former president was N2, 586,000 per annum, and that of his Vice, Atiku Abukakar, was set at N1, 938,000. The same structure was used to prepare the yearly salaries of the Senate President and the Chief Justice of Nigeria.

Conclusion:

The RMAFC is legally authorized by Section 32 (d) of Part 1of the Third Schedule of the Constitution to decide the appropriate salaries for political office holders.

According to the information on the website of the Revenue Mobilization Allocation and Fiscal Commission, the decision made on the annual salaries of the president and his Vice includes N3, 514,705 and N3, 031,572.50 respectively.

The president is entitled to different standard allowances such as Consistency, which is 250 percent and amounts to N8, 786,762.50; and Hardship which is 50 percent of the basic salary and amounts to N1, 757,350.50.

If all the information on salaries of Nigeria’s two newest leaders as pronounced by RMAFC on their website is really implemented as stated plainly, then it becomes very easy to determine the true pictures of their financial states when leaving office.

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