Nigeria President Salary And Allowances.
Before little children knew the exact figures of the Nigeria president salary; when asked “what do you want to be in the future?” “A President” they answered.
The funny thing is not just one of them wants to be so, more of them, which leaves you wondering who will be citizens of the country you want to preside over and get the Nigerian president salary as payment?
As in eh… Read about history and list of all presidents in Nigeria from 1960 till date, and see how this position is almost a do or die affair during elections.
Some see the Nigeria president salary as an amount too small for them to make in a month as these ones have gone far…they are shinning bright and handing out shades, not ready to dim their light.
Childhood don comot for some of us body, it is now all about hustling and bustling for some people, they have forgotten they once wanted to sit on the Nigerian throne and be paid the salary.
Tell me today, what would you do if you were given the Nigeria president salary? Before you answer that question, do you know how much the salary is?
Before you ask how much is the Salary of Nigeria president we are talking about; pick up your pen and jotting a note and don’t just stay with me, follow me closely…winks.
The Nigeria President Salary
- The current salary of the Nigerian President – Muhammadu Buhari is N3,514,708 per year.
- Also, the salary of Nigerian Vice President is N3,031, 572.
There is more about the break down later in this post.
There is no denying that our ears develop one kind of antenna reception when the word salary is heard irrespective of the level.
In as much most of us dream of financial freedom, we still want our salary…lol.
It is either coming from the office job, from our spouses or partner or our business. Hmm.. you know the way we count that payment for service done, isn’t it?
As una know, levels dey and even for salary; levels dey o! You fit compare the Nigeria president salary with the Nigeria police?
True, some are making more than the Nigeria president salary in a month; but let us come down to we-we level.
Forget o, if I’m given the Nigerian president salary today, I have a super long list of what to do with such monthly income.
The president is the first citizen of the country and directly receives the benefit of the country first before anybody.
The president is also the one that cracks the brain when it comes to matters concerning the country.
Just as the Nigerian currencies are paid into the accounts of the state governments and local governments, so is the account of the first citizen of Nigeria. Read also the structure of the Nigerian government.
Salary of Nigerian President and Governors
The Nigeria president salary has been reported to be paid from the Consolidated Revenue Fund. If you did study accounting in school, you’ll understand what this means.
Everyone knows that the salary of Nigerian governors is not the same as that of the Nigeria president salary.
According to the Revenue Mobilization Allocation and Fiscal Commission, the Nigeria president salary, monthly basic salary is N292,892.33
The Nigeria governors are paid a basic salary of #185, 308.75 monthly while Nigeria deputy governors receive a basic salary, that is lesser than the salary of the Nigerian president by #116, 874.16, on monthly basis; #176, 017.92.
- Nigeria president salary – N3,514,708 per annum.
- Salary of Governors in Nigeria- #2, 223, 705 per annum.
- Deputy governors’ salary in Nigeria – #2, 112, 215.04 per annum.
It does not seem much, right? Well, it does not end there. The Nigerian governors are not receiving the same amount of salary as the president of Nigeria salary; they receive allowances alongside the basic salaries.
Breakdown of Allowances Received By Nigerian Politicians
Nigeria governors receive leave allowance of #222, 370.50 per annum while deputy governors receive leave allowance of #211, 221.50 per annum.
They are also entitled to vehicle and maintenance loan that is worth 400% of their basic salaries. This loan is to be paid before the end of their tenure in the office.
The states have got the governors covered in terms of accommodation, furniture, utilities, and medical. Both Nigeria governors and their deputies receive what is called Estacode and duty tour allowances.
These allowances do not have a specific range; when the governors and deputies go on foreign trips, they can request for “pocket money”…lol…this “pocket money” or “T-fare” is called estacode allowance.
Now when they go on local trips, the money they receive is called duty tour allowance.
The tempting thing about these allowances is each person is given a signed blank cheque to fill in the amount they want. Yea! There is no expiry date; they get it whenever they need it!
Although Nigerian governors and deputy governors do not receive the same amount as the Nigeria president salary, they also get a severance package just as other political offices.
Upon successful completion of tenure, the governors are paid severance gratuity worth #6, 671, 115.
Anyone on the Nigerian throne does not only receive salary of Nigeria president, the seat has other allowances and benefits attached to it.
Other Allowances of Nigeria President
Not only is the salary of Nigeria president attached to the Nigerian throne, but there are also benefits that include different kinds of allowances at different percentages, attached to it.
The president of Nigeria receives the Nigeria president salary and the following allowances:
- Hardship allowance: This is 50% of the president basic salary. 0.5 × 3, 514, 704.96 = #1, 757, 352.48.
- Constituency allowance: 250% of the president basic salary is paid as constituent allowance. 2.5 × 3, 514, 704.96 = #8, 786, 762.4.
- Leave allowance: Leave allowance is worth 10% of the Nigeria president salary. 0.1 × 3, 514, 704.96 = #351, 470.496.
- Estacode allowance: As determined by the president.
- Duty tour allowance: As determined by the president.
- Optional vehicle loan: This loan is not compulsory but when acquired, it must be fully repaid before leaving the office. It is worth 400% of the Nigeria president salary. 4 × 3, 514, 704.96 = #14, 058, 819.84.
- Medical allowance, utility allowance, accommodation allowance, security allowance, motor vehicle maintenance, domestic staff allowance, and some other allowances are not paid, as the Nigeria president salary and other allowances, instead are provided by the country; the president enjoys them for free.
During the president tenure, he receives the Nigeria president salary but upon successful completion of the Nigeria presidency tenure; he receives severance gratuity worth 300% of the Nigeria president salary: 3 × 3, 514, 704.96 = #10, 544, 114.88.
The Salary of Nigerian Senators
It is no longer news neither is it a backyard gossip going around that the senators are making so much money, eating such big slices of the “national cake” and leaving the masses scrums that fall as they eat.
They have been described as robbers that do not carry guns by former president Olusegun Obasanjo; in his words, “unarmed robbers”.
According to the Revenue Mobilization Allocation and Fiscal Commission, the Nigeria senators receive salary worth #1, 063, 860. The breakdown was given as follow:
- Basic salary: #168, 866.70.
- Domestic staff allowance: #126, 650.
- Motor vehicle and fuelling maintenance allowance: #126, 650.
- Personal assistant allowance: #42, 216.
- Utility allowance: #50, 660.
- Entertainment allowance: #50, 660.
- Newspaper and periodicals allowance: #25, 330.
- Wardrobe allowance: #42, 216.66.
- House maintenance allowance: #8, 443.33.
- Constituency allowance: #422, 166.66.
There are also reports of running costs, worth #13, 500, 000, paid on a monthly basis to the Nigerian senators.
President Buhari Salary as Compared to Goodluck Jonathan Salary?
The Nigerian ex-president salary is different from President Muhammadu Buhari monthly salary by #29, 292.78.
The former president – Goodluck Jonathan was said to have received #1, 200, 861.11 on a monthly basis while the present president – Muhammadu Buhari is said to receive a Nigeria president salary of #1, 171, 568.33 monthly.
Salary of Vice President of Nigeria
It should and should not come as a surprise to you that the Nigeria president salary is just slightly higher than the salary of the vice president of Nigeria.
Courtesy of President Muhammadu Buhari, the difference between the salary of Nigerian president and that of the vice president is not much.
The vice president of Nigeria receives the following:
- Basic salary: #3, 031, 572 per annum.
- Hardship allowance: #1, 515, 786 per annum.
- Constituency allowance: #7, 578, 930 per annum.
- Leave allowance: #303, 157.2 per annum.
- Optional vehicle loan: #12, 126, 288.
Vice president of Nigeria also will get estacode, duty tour, medical, utility allowances, and other allowances the president enjoys.
Nigeria President Salary (Summary)
There you have my engaging piece on the Nigeria president salary and allowances, and also salaries of Nigerian senators.
Political offices pay more than an average educated employed youth earns isn’t it? Were the above figures reduced to what they are today?; I really do not know because the figures are still looking bogus to me.
When will an employed graduate earn so much? Instead, the companies created by some of these people employ graduates and pay them stipend that can barely cover their expenses. What a country?
Don’t worry, we hope to write about salary of Nigerian ministers soon.
So, tell us, what you think about the salary of Nigeria president, that of senators and their allowances. You know what to do, as usual, we hope to have your thoughts in the comment box below.