Salary Breakdown: What President, Vice President will earn

dimeji akinloye

May 31, 2015 11:14 AM

Buhari and Osinbajo will earn annual basic salaries of N3, 514, 705 and N3, 031, 572.50 respectively.

The salary breakdown of Nigeria’s new President, Muhammadu Buhari, and his deputy, Yemi Osinbajo, has been made public.

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC), which 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, published the information on its website.

The President is also entitled to various regular allowances apart from his basic salary, such as; 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.

After adding up all allowances, Buhari will earn N1, 171,568.33 and and N14, 058, 820.00 yearly.

As for the Vice President, Osinbajo, he will earn N1, 010, 524.17 monthly, and N12, 126,290.00 in a year.

Breakdown down 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.

In addition to allowances like; motor vehicle, feeding and maintenance, special assistant, personal assistant, domestic staff, entertainment utility, security, newspaper and periodicals; Osinbajo will also get Hardship, Consistency, Severance gratuity and Leave allowance set 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 RMAFC reviewed the salary structure in 2007, following the salary structure review and associated allowances for the top federal public office holders earlier carried out by the National Salaries and Wages Commission, which took effect on May 1, 2000 – after the Olusegun Obasanjo administration.

The former president’s basic annual salary was N2,586,000 per annum, while that of his deputy, Atiku Abubakar was N1,938,000, the same as that of the Chief Justice of Nigeria and the Senate President.

dimeji akinloye