By Tersoo Achineku
If the report on the website of the Revenue Mobilization Allocation and Fiscal Commission is accurate and up to date, then newly elected President and Vice President of Nigeria – Muhammadu Buhari and Yemi Osinbajo – will be taking home approximately N14m and N12m respectively.
The RMAFC, empowered by Section 32 (d) of Part 1 of the Third Schedule of the Constitution to determine the remuneration appropriate for political office holders, reveals on its website that Buhari and Osinbajo will earn annual basic salaries of N3, 514, 705 and N3,031, 572.50 respectively.
They will however receive other allowances which includes hardship allowance at 50 per cent of the basic salary – N1,757, 350.50; and consistency at 250 per cent which comes to N8,786, 762.50.
Other regular allowances like motor vehicle fuelling and maintenance, special assistant, personal assistant, domestic staff, entertainment, utilities, security and newspapers and periodicals are to be provided by the government – not paid for.
Allowances like accommodation, furniture, and duty tour allowance (per night), estacode (per night) and medical allowances are also to be provided as requested and would be paid periodically, some monthly, a few once in four years.
Duty Tour Allowance and Estacode depend on travels.
When all allowances payable each month are added, President Buhari will take home N1,171,568.33 each month, and N14, 058, 820.00 yearly.
Vice President Osinbajo will receive N1, 010,524. 17 monthly, and N12, 126,290.00 per annum.
Here’s a full rundown of the allowances.
The president’s severance gratuity is N10, 544, 115, that is 300 per cent of basic; he is entitled to a leave allowance of N351, 470. 50, (10 per cent of basic salary) and an optional
motor vehicle loan of N14, 058, 820, at 400 per cent to be repaid before the expiration of his tenure.
Mr. Osinbajo will also get allowances such as motor vehicle, feeding and maintenance, special assistant, personal assistant, domestic staff, entertainment utility, security, newspaper and periodicals.
The number two man’s hardship, consistency, severance gratuity and leave allowance are at N1, 515, 786.25; N7, 578,931.25; N9, 094, 717.50 and N303, 157.25 respectively.
He will also receive a motor vehicle loan at 400 per cent of his basic salary which is N12, 126, 290; to be repaid at the expiration of his tenure.
The salaries and allowances are drawn from the Consolidated Revenue Fund.
The current salary structure and allowances were fixed by the RMAFC in 2007. Before the review, the basic annual salary of the then president, Olusegun Obasanjo, was N2,586,000 per annum, while that of his deputy, Atiku Abubakar was N1,938,000 the same as that of the Chief Justice of Nigeria and the Senate President, both heads of the judiciary and the legislature.
Source: Premium Times