The President of the Federal Republic of Nigeria is the head of state and head of the government of the Federal Republic of Nigeria. The President of Nigeria is also the commander-in-chief of the Nigerian Armed Forces. The President is elected in national elections conducted in the country which take place every four years.
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) is an organization or body that is authorized by the Constitution to determine the remuneration and salaries that is appropriate for political office holders, both at federal and state levels.
According to the report made by the RMAFC, the president of Nigeria will earn an annual basic salary of N3, 514, 705, while the Vice President, will earn N3, 031,572.50 annually. According to the constitution of the Federal Republic of Nigeria, the president is also entitled to different regular allowances apart from his basic salary.
The Nigerian President Salary
Leave Allowance: The total amount of the leave allowance paid to the president is N351, 470.50. The leave allowance represents 10 percent of the president’s basic salary.
Severance Gratuity: The severance gratuity will be paid to the president at the end of his tenure as president after four years or eight years in office. The total severance gratuity, which amounts to N10, 544,115, represents up to 300 percent of the president’s basic salary.
Optional Motor Vehicle Loan: The optional motor vehicle loan is paid to the president. Depending on his judgment, he can decide to take the loan or not. The president receives N14, 058,820 as car loan, and this amount represents a total of 400 percent of his basic salary. The president receives the car loan only once all through his tenure as president. Once his tenure ends, he is expected to pay back the money.
Constituent allowance: the president is also paid 250% of the basic annual salary as constituent allowance. This amounts to ₦8,786,762.4.
Duty tour allowance: The amount to be collected on this will be determined by the president. The aim is to finance duty travels undertaken by the president. Estacode allowance: This form of allowance is also subject to the discretion of the president. It means some amount of money paid to a president to cover his traveling expenses.
Although, the Nigerian president, Muhammadu Buhari effected a salary cut on his salary and that of his vice almost immediately he became president, and his reason being that there was a need to cut the government expenditure. Hence, the salary of the president was cut by 50%; that of his vice too was cut by the same percentage.
After the cut, the president’s salary was reduced to N14 million naira. This means his basic salary will be N3, 514, 705 and this amount was made public by the Revenue Mobilization Allocation and Fiscal Commission, (RMAFC). Other entitlements that make it N14 million naira are the consistency allowance, which makes up about 250% of his annual salary and amounts to N8, 786,762.50 and the other one is the hardship allowance, which is 50% of the basic salary and amounts to N1, 757, 350.50.
There are however other things that the government provide for the president free of charges and they do not pay the president for these things. Some of those other things are periodicals, newspapers, security, utilities, entertainment, domestic staff, personal assistant, special assistant, vehicle maintenance and vehicle fueling.
Other things aside the other ones mentioned earlier are the medical needs, estacode, duty tour allowance, furniture allowance and also accommodation. These allowances mentioned are given to the president on periodic basis and there are some other ones that are given on monthly basis.
There are yet some other allowances that the president receives once every four years. Those allowances that belong to this last class are the estacode allowance and duty tour allowance which are paid every four years.
The Nigerian vICE President Salary
- Motor Vehicle Allowance, which amounts to N12, 126,290
- Feeding and Maintenance Allowance
- Entertainment Utility Allowance
- Special Assistant Allowance
- Domestic Staff Allowance
- Personal Assistant Allowance
- Security Allowance
- Leave Allowance
- Newspaper and Periodicals Allowance
- Severance Gratuity
- Hardship Allowance
- Consistency Allowance
The amount the Vice President takes home as motor vehicle loan is 400 percent of what he earns as his basic salary. The Vice President is expected to pay back the car loan at the expiration of his tenure, just as it is with the president.
After the salary structure review and associated allowances for the top federal public office holders were carried out by the National Salaries and Wages Commission, the RMAFC made a review of the above salary structure in 2007.
Some of these other benefits include the medical allowance, security allowance, utilities allowance, domestic staff allowance, motor vehicle maintenance, accommodation allowance, utilities allowance, and some other services enjoyed by the president free of charge.