Nigeria Presidents’ Salary Structure In Naira
In the Federal Republic of Nigeria, the position of the President holds significant authority, being the country’s head of state, head of government, and the Commander-in-Chief of the Armed Forces. With such responsibilities, it’s no surprise that the President is considered the first citizen of the nation. One aspect that garners considerable attention is the President’s salary, including various allowances. In this post, we’ll delve into the detailed breakdown of the Nigeria President Salary Structure.
As of the latest information, the President of Nigeria receives a monthly salary of 14 million Naira. This figure reflects a significant reduction from the previous annual pay of 28 million Naira, a decision made by President Muhammadu Buhari to cut the expense of governance by 50%.
Structure and Allowances for Nigeria Presidents
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) plays a crucial role in determining the salaries of political officeholders, including the President and Vice President. Following the 50% salary reduction, the annual basic salaries are set at N3,514,705 for the President and N3,031,572.50 for the Vice President.
Allowances Breakdown
- Leave Allowance: This is set at 10% of the President’s annual base pay, amounting to approximately N351,470.50, and N303,157.25 for the Vice President.
- Hardship Allowance: This allowance, covering expenses incurred during official duties, is around 50% of the annual base wage. For the President, it is approximately N1,757,350.50, and for the Vice President, it’s N1,515,786.25.
- Consistency Allowance: Equivalent to 250 percent of the annual base income, this allowance amounts to around N8,786,762.50 for the President and N7,578,931.25 for the Vice President.
- Duty Tours Allowance: Variable and determined by the presidency, this covers travel expenses for official business.
- Constituents Allowance: Another significant allowance, approximately 250 percent of the total base income, equating to N8,786,762.50 for the President and N7,578,931.25 for the Vice President.
- Estacode Allowance: Not fixed in amount, it covers travel expenditures.
- Automobile Loan: An optional allowance, allowing the President and Vice President to receive up to 400 percent of their yearly basic pay as a loan for purchasing or servicing a car.
- Gratuities: After leaving office, the President and Vice President receive severance pay equal to 300 percent of their basic yearly income.
Additional Allowances and Benefits for Presidents
Apart from the mentioned allowances, the President and Vice President receive benefits such as accommodation allowance, domestic staff allowance, medical allowance, security allowance, and energy allowance.
FAQs
What is the annual salary of the President of Nigeria?
The annual salary of the President of Nigeria is approximately 14.06 million Naira, which includes a basic salary and allowances. This amount is subject to periodic review by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).
How is the President’s salary structured in Nigeria?
The President’s salary in Nigeria is structured into a basic salary and several allowances. These allowances include hardship allowance, consistency allowance, and other statutory benefits that cover official and personal expenses.
What is the monthly salary of the President of Nigeria?
The monthly salary of the President of Nigeria is approximately 1.17 million Naira, derived from the annual salary divided by 12 months.
Are there any other benefits or allowances that the President of Nigeria receives?
Yes, in addition to the basic salary, the President of Nigeria receives various allowances and benefits, such as a hardship allowance, consistency allowance, personal assistant allowance, and travel allowances. These additional benefits significantly increase the total compensation package.
How does the salary of the President of Nigeria compare to that of other public officials in the country?
The salary of the President of Nigeria is higher than that of most other public officials in the country, reflecting the high level of responsibility and duties associated with the office. However, the exact difference varies depending on the position and specific allowances granted to other officials.
Conclusion
While the presidency in Nigeria is a position of immense responsibility, the associated salary and allowances reflect the government’s commitment to adequately compensate those in these key roles. Understanding this salary structure provides insight into the financial aspects of one of the most coveted political positions in the country.
Also Read: Average Salary In Nigeria [In USD and Naira]