The sum of N66, 485,462 would be slashed from all the 109 senators if the 30 percent pay cut recommended by the adhoc committee constituted to look into the finances of the lawmakers is implemented.
The lawmakers decided to part with the sum following the outcry that trailed the N150billion budgeted for the National Assembly in this year’s budget. The budget was later reduced to N120billion.
The adhoc committee constituted by Senate President Bukola Saraki to look into the finances of the National Assembly has recommended a 30 percent slash in the lawmakers salaries.
If the cut proposal sails through, senators will now earn N1, 418,480 as basic annual salary against the previous N2, 026,400 as contained in the reviewed remuneration package for the legislature at the federal, state and local government levels.
The senate president who earns higher than his colleagues will now earn N1,738,969 as against his present N2,484,242.50. The deputy senate president, on his part will now get an annual basic salary of N1, 616,416 against N2, 309,166.
The deduction would reflect in all the allowances of the lawmakers which are calculated using the annual basic salaries as template.
The salaries of the lawmakers put together by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) in February 2007 is still in use.
The 30 percent slash would affect the allowances of the senators which include accommodation (N4m), vehicle loan (N8m), furniture (N6m), severance gratuity (N6m), car maintenance (N1.52m), and personal assistant (N506, 640.)
Other allowances of the senators to be affected are entertainment N202,640, recess N202,640, utility N607,926, newspapers N303,960, house maintenance N101,320 and wardrobe allowance N405,280.
The chairman of the adhoc committee, Senator James Manager had on Thursday submitted the report of the committee during the plenary.