President of Nigeria Salary Details: See What He Earns

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In this write-up, you will be informed about how much the president of Nigeria and his vice will be taking home every month and annually. Shortly after the president took the oath of office on May 29th, 2015, the announcement of how much he and his vice would be earning was made public.

President of Nigeria Salary Details: See What He Earns

This represents a downward review of what the previous administrations were earning. It is due to the announcement of the president that he and his vice would reduce their salaries by 50%.

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC), was the body that made the announcement public. This 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, published the information on its website several months ago in 2015.

According to the report made public by this government agency, Buhari will earn annual basic salaries of N3, 514, 705, while the Vice President, Osinbajo will earn N3, 031, 572.50 on annual basis. Read further to get an idea of what the breakdown is for the two first citizens of Nigeria.

The President is also entitled to various regular allowances apart from his basic salary in accordance to the constitution of the Federal Republic of Nigeria.  Some of the said allowances are as follows:

  • Hardship allowance, which will represent up to 50 percent of the basic salary and the amounts stands at N1, 757, 350.50 per annum
  • Consistency allowance, which will represent up to 250 percent of his basic salary and the amount stands at N8, 786, 762.50.

There are several other allowances aside from the ones mentioned above and they are highlighted below:

  • Motor vehicle fuelling and maintenance allowance
  • Special assistant allowance
  • Personal assistant allowance
  • Domestic staff allowance
  • Entertainment allowance
  • Utilities allowance
  • Security allowance
  • Newspapers and periodicals allowance

All the above allowances are provided by the government from the federal government purse and they are not paid to the president directly unlike those other allowances mentioned earlier.

Some other allowances being paid to the president of Nigeria that should also be mentioned are listed one after the other below:

  • Accommodation allowance
  • Furniture allowance
  • Duty tour allowance. This is paid per night and total amount to be paid is determined by how many nights the president spends on such duty tour.
  • This is also paid per night
  • Medical allowances

Some of the above-mentioned allowances are paid to the president and some other ones are provided by the government. For example, accommodation is provided by the government and it is not paid to the president. Furniture too is provided by the government. The others are, like medical allowance, estacode allowance and duty tour allowance are made available on request by the president and it depends on the number of trips the president embarks on while in office. His medical allowance too depends on the number of times he has to go for medical checkup.

Various methods are adopted by the government in the payment of these allowances outlined above. Some of the allowances are paid periodically, some monthly, a few are paid once in four years. Duty Tour Allowance and Estacode depend on travels.

After adding up all allowances mentioned above have been added up, Buhari will earn a total of N1, 171,568.33 every month as president of Nigeria, while his total annual take home pay will be N14, 058, 820.00. This is in addition to his basic salary as president.

As for the Vice President, Professor Yemi Osinbajo, he will be paid a total amount of N1, 010, 524.17 every monthly. This amounts to a total of N12, 126,290.00 on annual basis.

Breakdown down of allowances:

Some other allowances paid to the president that you must take good note of are highlighted below:

  • The president will be paid severance gratuity once he ends his tenure as president after 4 years or 8 years in office as the case may be. The total severance gratuity is N10, 544, 115. This amount represents up to 300 percent of what the president earns as basic salary.
  • The president is also entitled to be paid leave allowance and that will amount to a total of N351, 470. 50. This amount represents 10 percent of what the president earns as his basic salary.
  • President Buhari is equally paid optional motor vehicle loan. He can decide to take the loan or not, depending on his discretion. You can read here How to use my car as collateral for a loan? – Premium Car Title Loans full information.
  • The total amount released to the president as car loan is N14, 058, 820. This amount represents a total of 400 percent of what he earns as basic salary. The car loan is paid only once all through his tenure as president. However, he is expected to pay back the money once his tenure expires. comprehensive car refinancing guide will assist you find the simplest auto refinance package for you. Included are the important steps needed to require to know automobile loan refinancing and what you ought to know if they’re considering refinancing your automobile loan . This site was designed to assist with decisions regarding finance and the way you’ll work along side a nondepository financial institution to seek out the simplest option for you. After receiving e-mail from disgruntled people that want help to urge out of their current situation with a nondepository financial institution , we decided to feature information regarding these issues. Only recently are people becoming aware that they do not need to put up with finance companies astronomical fees and may save themselves thousands of dollars by refinancing an automobile loan.
  • The thousands of dollars which will be saved should be an excellent incentive for applying for automobile loan refinancing. There are many reasons why people may grind to a halt with an automobile loan plan which will require astronomical payments and incredibly high interest rates. one among the explanations is that the once they could also be tricked into a finance plan by car dealers who offer finance once you buy the car. At the time the person may are overwhelmed with the prospect of a car that they’ll not of taken the time required to calculate the prices required to form the repayments. it’s only after the contracts are signed and therefore the repayments start going out that the person realizes they can’t make the costly repayments. Another example is when an individual with a nasty credit report may buy a car with high interest, as this at the time may are the sole option that they had . many of us might need to vary the payment plan on their automobile loan and need to form the amount of your time that the loan is repaid longer or shorter. Auto refinance is great for this. you’ll make an idea that most closely fits to your life and still leave you financially stable. There are many refinance automobile loan companies which will custom make a repayment plan suited to you.

Vice president’s take home pay

The vice President, Yemi Osinbajo is paid the following allowances as highlighted below:

  • Motor vehicle allowance, which amounts to N12, 126, 290
  • Feeding and maintenance allowance
  • Special assistant allowance
  • Personal assistant allowance
  • Domestic staff allowance
  • Entertainment utility allowance
  • Security allowance
  • Newspaper and periodicals allowance
  • Hardship allowance
  • Consistency allowance
  • Severance gratuity
  • Leave allowance.

The amount he is paid as motor vehicle loan is 400 percent of what he earns as his basic salary. Just like the president, the Vice President is also expected to pay back the car loan at the expiration of his tenure.

The RMAFC made a review of the above salary structure in 2007 after the salary structure review and associated allowances for the top federal public office holders was earlier carried out by the National Salaries and Wages Commission. The first salary structure before this one described above was impolite on May 1, 2000; this was when President Olusegun Obasanjo became president of Nigeria.

The former president’s basic annual salary was set at N2,586,000 per annum.  On the other hand, his Vice, Atiku Abubakar, was earning a total of N1,938,000. The same structure was used in preparing the annual take-home pay of the Chief Justice of Nigeria and the Senate President.

 




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