If you have ever wanted to know the salary of Nigerian president and all the allowance the president enjoys, you will find all the details in this article.
One of the greatest dreams almost every Nigerian as a kid has is the dream to become the president of the country one day, and as a matter of fact, it is not a surprise to find parents christening their children with names of Presidents, and this was even more rampant during “Goodluck Jonathan’s” term in office.
Although to a large extent, these drives to become the President are fueled by the passion to serve the country and to make great impact, it is quite obvious from the “do or die” manner in which contestants handle election processes that most are really after the “national cake” (the money). More so, it is generally believed that the president reserves the capacity to enjoy the largest piece of the “cake”. The salary of Nigerian president is seen to be massive considering how much power he has. But apart from the improper ways a leader may amass wealth, what is really the real salary and allowances due the president?
If you wish to know more about what the Nigerian president takes home at the end of the year, you are on the perfect page, so why don’t you get a chilled bottle of soft drink and follow me as I take you through all you need to know in this article?
The Office of Mr. President
By virtue of Section 130 of the Constitution of the Federal Republic of Nigeria (1999) as Amended, the office of the president of the federation was established, subsection 2 of the aforementioned section states that “the president shall be the Head of State, the Chief Executive of the Federation and Commander-in-Chief of the Armed Forces of the Federation. Why wouldn’t anyone want those titles though? Due to the result of the just concluded presidential election of February 2019, President Muhammadu Buhari holds all the aforementioned titles by virtue of his re-election until 2023.
Now let’s go check what Buhari’s take-home salary and other allowances that make up his annual remuneration in the next section.
Basic Salary of the Nigerian President
If you could recall vividly when Buhari first came into office in 2015, one of the first policies he effected was a reduction of the salary due to the office of the president and also the vice president by 50%. This he did on the ground that the country needed to reduce government expenditure.
Now due to this cut, the salary of the president was reduced from ₦28 million to ₦14 million, making the basic annual salary to be ₦3,514,705 and the basic monthly salary to be around ₦292,892.08. Do not forget that the President’s salary is paid from the Consolidated Revenue Fund.
The Revenue Mobilization Allocation and Fiscal Commission is a body created pursuant to section 32 (d) of Part 1 of the 3rd Schedule to the CFRN for the purpose of determining the remuneration of political office holders. The body announced later in 2015 that the basic annual salary of the president shall be ₦3,514,705.
Other Presidential Emoluments
Now apart from the basic salary the president gets, there are other forms of benefits a person in that capacity enjoys by virtue of the office. These includes allowances such as:
This is about 250% of the total of the annual salary, and as we speak now, this allowance amounts to ₦8,786,762.50.
This contributes about 50% of the basic annual salary which is around ₦1,757,350.50. You know, as the president, you are not only worried about your own self, you are taking responsibility for the security of lives and properties of a whole country, so it is right that you get compensated for your sacrifices.
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.
This form of allowance is also subject to the discretion of the president. It literately means some amount of money paid to a public officer to cover their traveling expenses.
This form of entitlement is 10% of the president’s basic salary and it amounts to a total of ₦351,470.496. This allowance gives the president a chance to take some time off the business of the country and enjoy quality time with their family and friends with a fully covered finances.
Optional vehicle loan
This is one of the largest forms of benefit a president is entitled to when in office. In other words, it comes with a loan capacity of about %400 of the president’s basic salary. This will amount to ₦14,058,819.84. However, one thing about this loan is that the president must pay it back in full before leaving office.
What even makes the position of a president even more enticing is the huge amount of money the individual gets even after successful completion of their term in office. The president receives %300 severance gratuities upon the completion of his tenure and this amounts to ₦10,544,114.88.
Other forms of Benefits
I think I want to become the president of this country someday, they enjoys way too much! The responsibilities attached to the position are weighty though and this is why the protections afforded to the number one citizen of the country is quite bountiful also. Apart from the salary and the allowances and loans stated earlier, there are some services a president do not have to pay for. These are some of the basic necessities that allows him to function better in his official capacity and as a human being.
Some of these 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.
The President of Nigeria is the number one citizen of the country, thereby, he gets to enjoy parts of the revenue of the country first before others do. Due to the cut in salary of the president by 50% during President Muhammadu Buhari’s first term in office, a president now receives an income of ₦14,000,000 per annum of which includes several allowances and benefits. That is about ₦1, 166, 666 per month. Now you know the salary of the Nigerian President.