Nigeria’s President Salary Structure 2020 | Current Monthly Earnings of Buhari and Osinbajo.
President Salary Structure: Nigeria’s President Muhammadu Buhari and his deputy, Prof Yemi Osinbajo will receive N26.18 million ($73,000) per annum as take-home pay, according to the Revenue Mobilisation Allocation and Fiscal Commission. From basic arithmetic, the take-home pay of the Nigerian President and the Vice President comes to ₦14 million and ₦12 million, respectively.
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The salary breakdown was made known to the public by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), which is empowered by section 32(d) of Part1 of the Third Schedule of the Constitution which determines the revenue that suitable for the holders of political office.
Apart from the basic salary, the President of Nigeria is also entitled to allowances which include; Hardship allowance, which makes 50% of his salary, N1, 757,350.50, consistency allowance which makes 250% of his salary, N8, 786,762.50.
The president’s gratuity is N10, 544,115, which makes 300% of his salary, he is also entitled to a leave allowance which makes 10% of his salary, 351, 470.50 and a vehicle loan which makes 400% of the salary, 14, 058,820 which is to be repaid before the tenure expires.
Some other regular allowances include; Personal assistant, constituency, vehicle fueling/maintenance, domestic staff, entertainment, recess, newspaper/periodicals, utilities, houses maintenance, security, special assistant, furniture, wardrobe, duty tour, accommodation, estacode, medical allowances, etc.
Vice President Osibanjo also gets a Hardship allowance of N1, 515,786.25, Consistency allowance of N7, 578,931.25, Severance gratuity of N9, 094,717.50, and a Leave allowance of N303,157.25. He also receives a vehicle loan which makes 400% of his basic salary, N12, 126,290 which is to be repaid before the tenure expires.
After summing up all allowances, President Buhari will earn N1, 171,568.33 monthly, and N14, 058,820 yearly. The vice president will earn N1, 010,524.17 monthly, and N12, 126,290 yearly.
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC), reassessed the salary structure in 2007, right after the salary structure assessment allowances for holders of top federal public offices carried out by National Salaries and Wages Commission, which took effect on 1st May 2000 after the administration of Olusegun Obasanjo.
President Buhari’s official salary at the moment is N3.51 million per year, N3.03 million for Vice President Osibanjo, N2.02 million for Minister, N1.95 million for Minister of State, N1.94 million for Special Adviser, N2.22 million for Governor, N2.11 million for Deputy Governor, and N1.33 million for Commissioners.