From Azikwe to Buhari, the Nigerian president’s salary has always been a cause of controversy. The president of Nigeria is the most powerful government official, but what are his earning allowances or salary packages? For years, it has been a top guarded secret, but recently, the Revenue Mobilisation Allocation and Fiscal Commission publishes the remuneration packages or salary of the Nigerian President.
What is the function of the Nigerian President
The president of Nigeria is backed by the powers of the constitution to perform a wide variety of tasks effectively. However, the laws also limit his abilities, and he has enormous responsibilities on his shoulder. For instance,
- He plays the role of assenting to outstanding bills
- He also makes appointments for the functioning of the government. The functionaries include high-profile government officials like justices of the supreme court, ministers, heads of government parastatals, ambassadors, etc.
- He is empowered to summon the legislators or conduct a referendum.
- He is empowered to give prerogative of mercy.
- He also plays the role of conferrer of honours.
Salary Structure of the Nigerian president
The president currently earns 292,893 Naira per month as a salary. The vice president, who receives a bit less than the president, will take home 252,063 per month as salary.
An important fact is that the Nigerian president’s salary is not arbitrarily determined. The body that is empowered by law, according to Section 32 (d) of Part 1 of the Third Schedule of the Constitution of the Federal Republic of Nigeria, to regulate and decide the salary of all Nigerian elected officials including the president, is the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). The president’s salary is also derived from the ‘bank account of the government’ officially called the Consolidated Revenue Fund.
Nigerian president, Buhari, who is known for his austere and ascetic lifestyle, has instigated a salary cut, which has reduced his salary at least by some percentage. Before then, the Nigerian President’s salary was alleged to be as high as 58 million Naira (including allowances and other perks) annually. In 2007, the Nigerian president’s salary structure was reviewed for the first time in decades.
The allowances of the Nigerian President
Apart from the basic salary that the Nigerian president will take home monthly, he is also entitled to benefits and other perks. When benefits are combined with the salary, the Nigerian president will take home as much as 1,171,568.33 Naira monthly. This, by implication, means that he will earn up to 14, 058,820 Naira as his yearly income.
In comparison, the vice president goes home with 12, 126, 290 Naira per month, if his total monthly allowances of 1,010,524.17 Naira is added.
The Nigerian president enjoys a lot of perks like hardship allowance, which is about 50% of his salary. This brings the salary to 1,757,350.50 Naira. In addition to that, the president also earns what is called ‘consistency allowance’ which is about 250% of his salary, and this will sum up to approximately 8,786,762.50 Naira yearly.
In spite of this, the Nigerian president also earns an irregular allowance. This is different from the benefit, as mentioned earlier. There is an allowance that caters to furniture and accommodation, which is the furniture and accommodation allowance.
There’s also another allowance called the duty tour allowance or estacode. This allowance covers the president’s travel expenses. This allowance is paid during each night of the president’s official visit to a vicinity outside Aso Rock. Then the medical benefit provides for the best medicare, and the president has the right to enjoy it.
There’s also the severance gratuity, which the president is entitled to. It is about 300% of the total president’s salary. The severance allowance is up to 10,544,115 Naira while a leave allowance is paid to him, which is about 10% of his entire salary. There’s a loan granted to the president on request, repayable before the expiration of his regime. The loan is called the motor vehicle loan, and it is worth 14,058,820 Naira.
Does the Nigerian President deserve huge salary?
The Nigerian president earns a bogus salary for office maintenance. Political analysts will also argue that high salary for political office holders will surely discourage corruption and embezzlement. Also, colossal pay will serve as an incentive and motivation for the best performance.
How Much Does the Nigerian President get as pension?
Here are some financial benefits and perks that Nigerian presidents earn after leaving office:
- An administrative officer.
- A personal secretary.
- Three to four armed policemen.
- One DSS agent or officers to be appointed as a lifetime aide de camp and paid for by the department of state securities.
- Three luxury vehicles bought and maintained by the government and replaced quadrennially.
- Personal drivers, paid for by the Nigerian government.
- Lifetime diplomatic passport.
- The third position at all public functions in protocol and precedence order after the serving president and vice-president.
- Free medical treatment within the country for former presidents and family.
- Free treatment overseas paid for by the Nigerian government.
- One month annual vacation and holiday trip paid for by the Nigerian government.
- A deluxe office within Nigeria.
- A luxurious five-bedroom apartment within Nigeria paid for by the Nigerian government.
Is Nigerian President the Highest Paid leader in the World?
No. Here is the ranking of the top three highest paid leaders in the world:
Lee Hsien Loong
• Title: Prime Minister of Singapore
• Annual salary (in Naira): 669,550,700 Naira.
• Time in office: 14 years, 7 months
Prime Minister Lee Hsien Loong, Singapore’s leader, receives over ten times the country’s GDP per capita.
Could the high wage of a prime minister be seen as a benefit to citizens? Singaporeans understand one thing is for sure: their leaders cannot be bribed.
Singapore is perhaps the most transparent country in the world.
In comparison, Lee earns $1.6 million, which is 12 times more than Russian President Vladimir Putin. Another reason for the high income could be the exorbitant living expense: Singapore is by far the costliest place in the world to reside.
• Title: Chief Executive of Hong Kong
• Annual salary (in Naira): 236,380,508 Naira
• Time in office: 1 year, 9 months
• GDP per capita: $57,081.14
Carrie Lam, Hong Kong’s leader, is well-known for leading one of the world’s best-paid bureaucracies.
Based on a cpi level of inflation, Hong Kong dramatically upped the salary of all public officials by 12.4%.
• Title: President of the Swiss Confederation
• Annual salary (in Naira): 200,847,743.46 Naira
• Time in office: 3 months
• GDP per capita: $56,473.64
Switzerland’s Leader Ueli Maurer makes $482,958 annually, higher than every other leader in the Organization for Economic Cooperation and Development.
The Organization for Economic Cooperation and Development (OECD) is a multinational economic organization made up of the 36 highest-income economies dedicated to establishing accountability principles among governments of global democracies.
Maurer’s wage is always open to the public as part of OECD guidelines.
If you have any questions, You can use the comment section below. I hope you found this article interesting? If yes, you may consider using the share button below to share this article with your friends and family members. ‘
Once again, Thanks for reading through our article.