Nigeria President Salary Breakdown 2024 Updated
Nigeria President Salary Breakdown 2024. Maybe you have always been curious, desiring to know how much the president of Nigeria is being paid monthly. In this article, we will ease your curiosity. More information about the Nigeria President Salary Breakdown 2024 will be revealed in this article. Keep reading the piece for more information on the subject.
Ever wondered how much the president of Nigeria earns on a monthly basis? Do you desire to know the salary breakdown of the Bogeriuan president? This article will answer all your questions regarding the Nigeria President Salary Breakdown 2024
It is enshrined in the constitution of Nigeria that the President of the Federal Republic of Nigeria is the number one and first citizen of the country. It is also important to note that the president of the federal republic of Nigeria receives the highest salary in the country.
Aside from receiving the greatest salary in the country, the president of the federal republic of Nigeria is also entitled to other exciting and luxurious allowances. In this article, we will give a breakdown of the monthly salary of the president of the federal republic of Nigeria with other allowances he receives.
The Office of Mr. President
The office of the president of the federation was established, according to Section 130 of the Constitution of the Federal Republic of Nigeria (1999) as Amended.
Subsection two of Section 130 of the Constitution of the Federal Republic of Nigeria as amended 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.
Now let’s get to know how much the president of Nigeria is paid on a monthly basis. In addition, we will also uncover the salary structure of the vice presidents of the country.
Nigerian President’s Salary Structure
Before now, the president of the federal republic of Nigeria was paid 14 million Naira every year. But when President Muhammadu Buhari came to power, the annual salary was increased to about N28 million yearly.
This increment posed a lot of expenditure in the county’s economy. In an effort to reduce the expense of governance, President Muhammadu Buhari opted that his salary be slashed by 50 percent amounting to a 14 million yearly salary which was the initial payment.
That is, the Nigerian president receives a total salary of 14 million Niaira yearly as against the initial 28 million Naira annual payment.
The 14 million Naira annual payment includes the various allowances the president is entitled to which is discussed in this article.
According to a source, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) set the president’s and vice president’s yearly basic salaries at N3,514,705 and N3,031,572.50, respectively.
To further break their yearly salary into a monthly basis, it amounts to N292,892.08 and N252,631 per month for the vice president and vice president respectively.
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is entitled to disclose the President’s and vice president’s salaries online through their official website.
The Nigerian President Salary Allowances
Apart from the annual basic salary that the president and his vice president earn,
The consistency allowance constitutes about 250% of the total annual salary, which is about ₦8,786,762.50.
Hardship allowance is about 50 percent of the basic annual salary of the president of Nigeria which is around ₦1,757,350.50. The president gets compensated for alleviating poverty and promoting the standard of living in the country.
This is 250% of the basic annual salary which is about ₦8,786,762.4.
Duty tour allowance
This is determined by the president and where he wishes to travel for the good of the country
This entitlement is 10% of the president’s basic salary and it amounts to a total of ₦351,470.496.
Optional vehicle loan
This is one of the largest allowances a president of Nigeria is entitled to. This allowance comes with a loan strength of about %400 of the president’s basic salary which is about ₦14,058,819.84.
The president receives %300 severance gratuities upon the completion of his tenure and this amounts to ₦10,544,114.88.
What makes the office of the president of the federal republic of Nigeria more enticing is the great benefits and huge salary structure.
Nigerian Navy Salary
Please note that the above breakdown is subject to change according to the budget, the economy of the country, or the other financial institutions in the country.
I hope you find this article useful. We will update this page as soon as a review of the president’s salary structure is posted.
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