Nigeria’s new president, Muhammadu Buhari, and his deputy, Yemi Osinbajo, will earn annual basic salaries of N3, 514, 705 and N3, 031, 572.50 respectively, according to the information on 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.
Apart from the salaries, the president is entitled to various regular allowances like: Hardship, 50 per cent of the basic salary – N1, 757, 350.50; consistency – 250 per cent, N8, 786, 762.50.
Other regular allowances like motor vehicle fuelling and maintenance, special assistant, personal assistant, domestic staff, entertainment, utilities, security and Newspapers and periodicals are to be provided by the government – not paid for.
Allowances like accommodation, furniture, and duty tour allowance (per night), estacode (per night) and medical allowances are also to be provided as requested.
The allowances are paid periodically, some monthly, a few once in four years. Duty Tour Allowance and Estacode depend on travels.
Vice President Osinbajo will receive N1, 010, 524. 17 monthly, and N12, 126,290.00 per annum.
Details 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.
Mr. Osinbajo will also get allowances such as motor vehicle, feeding and maintenance, special assistant, personal assistant, domestic staff, entertainment utility, security, newspaper and periodicals.
While the number two man’s hardship, consistency, severance gratuity and leave allowance are 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 salaries and allowances are drawn from the Consolidated Revenue Fund.
The current salary structure and allowances were fixed by the RMAFC in 2007.
SOURCE: Premium Times