Below, you will learn about what the Nigerian president and his vice earn as take home pay.
The Nigerian president earns 1.4 million naira and the vice president earns 2 million naira as basic salary annually. This is in line with the new remuneration package that was unveiled by the Nigerian Senate, which is the Upper Legislative Chamber last year.
Nigeria’s President and Vice President’s Salary Structure
If broken down, the president is to earn a basic monthly salary of N292,892.08. His Vice, on the other, hand will earn N252,063.04. These amounts were arrived at by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).
The RMAFC is a statutory body empower by Section 32 (d) of Part 1 of the Third Schedule of the Constitution of the Federal Republic of Nigeria and they have the power to determine what the remuneration of political office holders should be. These salaries being paid the president and his vice are drawn from the Consolidated Revenue Fund (CRF).
The present salary structure and allowances of the president and his vice were fixed by this body as far back as 2007. A look at the agency’s website in recent times does not give any indication that this salary structure had been given any recent review.
Nigeria’s President and Vice President’s Allowance
Aside from the basic salaries paid to the president and his vice, they will also be paid some allowances. By the time the allowances are added up, the president will be earning a total of N1,171,568.33 per month. Therefore, his total income on annual basis will total to N14, 058,820.00.
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The Vice President, on the other hand, will earn a total of N1,010,524.17 per month. Adding this up will amount to a total of N12,126,290.00 per annum. This is the information available on RMAFC’s website.
Certain regular allowances are also added to these salaries. For example, each of them is paid 50% of their basic salary as hardship allowance. This amounts to N1,757,350.50. Furthermore, they are paid 250% of their basic salary as consistency allowance and this amounts to N8,786,762.50.
Aside the regular allowance being paid, both the president and his vice are also entitled to irregular allowances. These include furniture and accommodation allowance. They are however not paid this amount since the federal government has already made provision for the accommodation of the president and his vice at Aso Rock.
Aside from the above allowances, the president and his vice are entitled to regular duty tour allowances and estacode. Both the estacode and the regular duty tour allowances are paid per night. They equally have access to medical allowances when they request for such.
The president and his vice also have the right to severance gratuity of 300% of their basic salary. The president’s severance allowance is N10,544,115 and his leave allowance is N351,470.50, which represents 10% of his basic salary. His optional motor vehicle loan is N14,058,820, which represents 400% of his basic salary. He is expected to repay the car loan before his tenure as president expires.