The President of the Federal Republic of Nigeria is the number one citizen of the country according to the constitution. So it’s no surprise that when it comes to salaries and allowances, he receives the highest amount of money monthly and yearly. Are you interested in knowing Nigeria President salary? This article features the structure of the salary and allowances, from A to Z. Read on!
Upon his election and swearing into office, the president of the Federal Republic of Nigeria is recognized by the constitution as the holder of several titles. This includes the head of state, the head of government of the Federal Republic of Nigeria and the Commander-in-Chief of the armed forces.
These titles conferred on him places him in a position of authority to fully govern the entire federation.
Nigeria President Salary
The President, Federal Republic of Nigeria currently receives 14 Million Naira monthly.
Prior to the coming of the current president of Nigeria, Muhammadu Buhari, the president of the country annual salary was N28 million. In a move to the cut the cost of governance, the president decided to cut the the salary down by 50%.
So, instead of N28,000,000 per year for the president, he will be getting N14 million as his salary per year. This includes the numerous amounts of money that comes to him as allowances. For instance, hardship allowance, furniture allowance etc.
Below, you will find a complete break down of the salary structure of the Nigerian president and his vice. keep reading!
Salary Structure Of The President & The Vice President Of Nigeria
Following the president’s decision to have his salary and that of his vice cut by 50%, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) placed the annual basic salary of the president and that of his vice to be N3,514,705 and N3,031,572.50 respectively.
That is N292,892.08 for the president per month and N252,631 for the vice per month.
In case you don’t know, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) is the government agency recognized by the Section 32(d) of part 1 of the Third Schedule of the Constitution of the Federal Republic of Nigeria (CFRN), to decide the remuneration which is right for holders of any political office in the country. That includes the president, his vice, governors of states etc.
The agency is also permitted to publish these salaries online through their websites or offline through any means.
Another very important thing to note is that the president and his vice’s salaries, are paid from the Consolidated Revenue fund. They are sometimes paid once in every four years , yearly or monthly.
Apart from the annual basic salary which the president and his vice will receive , there are also several other allowances they will also receive either monthly or yearly. For instance hardship allowance and so many others you will find in this article as you read on.
When added together, the allowances amount to N1,171,568.33 per month and N14, 058,820.00 per year for the president. As for the vice president , his total allowances amount to N1,010, 524.17 per month and N12,126,290.00 per year.
Below is the full breakdown of all the allowances currently in 2020:
Working as the president of the country can be very stressful. To keep you going for a very long time, you will need to take a leave occasionally to spend more time with your family and loved ones. The leave allowances is given to the president for this very purpose.
The allowance is usually the 10% of the president’s annual basic salary, which is about N351,470.50. For the vice, N303, 157.25.
The hardship allowance is usually given to the president to take care of any form of difficulty he encounters while executing his duty as the head of government. The allowance is about 50 percent of his basic annual salary. That is about N1,757,350.50. That of the the vice is about N1,515,786.25
I guess its becoming clearer now why so many of our politicians will do everything within their power to get to the office of the president.
This is the highest amount that comes to the president as allowance whether monthly or yearly. It involves the 250% of basic annual salary. That would be around N8,786,762.50 for the president while the vice will be getting around N7,578,931.25. This is the only allowance I am yet to fully understand what exactly it is for. Do you have any idea about this? Feel free to drop a comment or two about it below.
Duty Tour Allowance
The duty tour allowance allows the president to embark on duty travel from time to time. There is no fixed amount of money for this allowance. It is completely dependent on the presidency to choose how much will be dished out here.
Like that of the consistency allowance, this allowance is about 250 percent of the total basic salary. That means for the president, this would be around N8,786,76.50. This is also one of the highest amount of money the president receives as allowance. For the vice, this is about N7,578,931.25
This allowance also does not have a fixed amount. It is based on how much the president feels will be enough for it. The estacode allowance is usually among the allowances given to the president to cover his travelling expenses.
Since the cost of traveling is bound to change from time to time, the RMAFC didn’t consider it appropriate to set a particular amount of money at the main rate for paying this.
Motor Vehicle Loan
This is optional. The president and vice can either choose to take or leave it.
Why? That is because the money is repayable. If you decide you need a loan to service or get a new vehicle for any member of your family or friend that has nothing to do with the government, the constitution permits you to be given about 400 percent of your basic annual salary.
That is about N14,058,820 for the president and about N12,126,290 for this vice.
The loan must be paid back fully before your tenure expires.
Following the successful completion of their time in office, the president and vice will receive 300% of their basic annual salary as their severance gratuities. That is about N10,544,115 for the president and about N9,094,717.50 for the vice.
Other kinds of allowances received by the President
Apart from the above mentioned allowances, there are other forms of allowances and benefits enjoyed by the Nigerian president and his vice. These allows them to effectively rule the county while taking very good care of themselves and their family members.
Some of those allowances and benefits includes accommodation allowance, domestic staff allowance, medical allowance, security allowance, utilities allowance and many others.
The office of the president of the federal Republic of Nigeria is the most coveted political position in the country. While few desire to get into it so they can help better the lives of the citizens of the country, many desire to be there for what they can get out of it.
Have you been desiring to know the Nigeria’s president salary? I hope this article covers all you need to know about it. From all we have said so far, the basic salary of the president is N3,514,705 while that of the vice is about N3,031,572.50.