According to the constitution, the President of the Federal Republic of Nigeria is the country’s first citizen. As a result, it’s unsurprising that he obtains the greatest monthly and annual Nigeria President Salary and allowances. If you’re curious about the Nigeria President salary, this page details the salary and allowances structure from A to Z.
The President of the Federal Republic of Nigeria is recognized by the constitution as the holder of numerous titles upon his election and inauguration.
This covers the Federal Republic of Nigeria’s head of state, the Federal Republic of Nigeria’s head of government, and the Commander-in-Chief of the Armed Forces.
These titles bestow upon him the authority to fully administer the federation.
Nigeria President Salary Structure
Currently, the President of the Federal Republic of Nigeria receives 14 million Naira per month. Prior to the election of Nigeria’s current president, Muhammadu Buhari, the annual pay of the country’s president was N28 million. In an effort to reduce the expense of governance, the president decided to slash his pay by 50%.
Thus, instead of N28,000,000 per year, the president’s pay will be reduced to N14 million.
This includes the multiple sums of money he receives in the form of allowances. For example, a hardship allowance, a furniture allowance, and so forth.
The wage structure of Nigeria’s president and vice president is detailed below. Nigeria President Salary Structure
Following the president’s decision to have his and his vice president’s salaries reduced by 50%, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) set the president’s and vice president’s annual basic salaries at N3,514,705 and N3,031,572.50, respectively.
That is N292,892.08 per month for the president and N252,631 per month for the vice president.
For those who are unfamiliar, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is the government agency mandated by Section 32(d) of Part 1 of the Third Schedule of the Constitution of the Federal Republic of Nigeria (CFRN) to determine the appropriate remuneration for holders of any political office in the country. This comprises the president, his vice president, and state governors, among others.
Additionally, the agency is entitled to disclose these salaries online on their websites or through any other means.
Additionally, it is critical to highlight that the Nigeria President Salary and his vice president’s are paid from the Consolidated Revenue Fund. They are occasionally paid every four years, annually, or monthly.
Apart from the annual basic income that the president and his vice president will earn, they will also receive many extra allowances either monthly or annually. For instance, hardship allowance and a slew of others are detailed in this page.
When all allowances are combined together, the president receives N1,171,568.33 per month and N14,058,820.00 per year.
The vice president receives a total of N1,010, 524.17 per month and N12,126,290.00 per year in allowances.
The Following is a Complete Breakdown of All Allowances:
Allowance for Leave
Working as the country’s president can be extremely demanding. To sustain you for an extended period of time, you will need to take periodic leave to spend more time with your family and loved ones. The president is granted leave specifically for this purpose.
Typically, the allowance is 10% of the president’s annual base pay, which is around N351,470.50. N303, 157.25 for the vice.
Allowance for Difficulties
The hardship allowance is typically given to the president to cover any expenses incurred while carrying out his duties as head of government.
The allowance is approximately 50% of his annual base wage. This equates to around N1,757,350.50. It is around N1,515,786.25 for the vice.
I suppose it’s becoming evident now why so many of our politicians will go to any length to attain the presidency.
Allowance for Consistency
This is the maximum monthly or annual allowance paid to the president.
It is equivalent to 250 percent of the annual base income. This amounts to around N8,786,762.50 for the president and approximately N7,578,931.25 for the vice president.
This is the one permission for which I am still unsure of the purpose. Are you aware of this? Please feel free to leave a comment or two below.
Allowance for Duty Tours
The duty tour allowance enables the president to travel on official business on occasion.
This allowance is not fixed in value. The amount distributed here is entirely up to the presidency.
Allowance for Constituents
This allowance, like the consistency allowance, is approximately 250 percent of the total base income. This equates to around N8,786,76.50 for the president.
This is also one of the largest allowances the president receives. This is approximately N7,578,931.25 for the vice.
Allowance for Estacode
Additionally, this provision is not fixed in amount. It is determined by how much the president believes will suffice. Typically, the estacode allowance is included in the allowances paid to the president to cover travel expenditures.
Given that the cost of travel is expected to fluctuate over time, the RMAFC did not believe it was reasonable to establish a specific amount of money at the prime rate for payment.
This is an optional step. The president and vice president have the option of accepting or declining. Why? This is because the funds are repaid.
If you require a loan to service or purchase a new car for a member of your family or friend who is not employed by the government, the constitution allows you to receive around 400 percent of your yearly basic pay. This equates to approximately N14,058,820 for the president and approximately N12,126,290 for the vice president.
The loan must be repaid in full prior to the expiration of your term.
Following their tenure in office, the president and vice president will receive severance pay equal to 300 percent of their basic yearly income. This equates to around N10,544,115 for the president and approximately N9,094,717.50 for the vice president.
Other Types of Compensation That The President Receives
Apart from the allowances listed previously, the Nigerian president and vice president receive additional allowances and benefits.
This enables them to control the county effectively while also taking excellent care of themselves and their family members.
Accommodation allowance, domestic staff allowance, medical allowance, security allowance, and energy allowance are just a few of the allowances and benefits available.
The presidency of the Federal Republic of Nigeria is the country’s most coveted political job.
While few aspire to enter it in order to improve the lives of the country’s population, many desire to be there for financial gain.
Have you been curious about the Nigeria President Salary? I hope this post has answered all of your questions concerning it.
According to what we have learned thus far, the president’s basic pay is N3,514,705, while the vice presidents are approximately N3,031,572.50.
Read Also: The Salary Structure of Lecturers in Nigerian Universities