Nigeria President Salary Structure in Naira

Being the President of Nigeria is not just an honor; it comes with significant financial benefits. From allowances to salary structures, the President and Vice President of Nigeria receive a variety of compensations that might surprise many. Let’s break it down in simpler terms.

Who is Nigeria’s President?

The President of the Federal Republic of Nigeria is not just a leader but also the country’s first citizen. He holds titles such as head of state, head of government, and Commander-in-Chief of the Armed Forces, granting him the authority to run the country.

What is the Salary of Nigeria’s President?

Currently, the President receives a monthly salary of 14 million Naira. This was reduced by 50% from the previous 28 million Naira, as a move to cut down on governance expenses.

Breakdown of the President’s Salary

• Basic Salary: The President’s basic annual salary is N3,514,705, which is N292,892 per month. The Vice President earns N3,031,572.50 annually or N252,631 monthly.
• Allowances: On top of the basic salary, both the President and Vice President receive various allowances. When combined, the President gets N1,171,568.33 monthly and N14,058,820 annually. The Vice President gets N1,010,524.17 monthly or N12,126,290 yearly.

Types of Allowances

1. Leave Allowance: About 10% of the President’s annual salary, which is N351,470.50, is set aside for leave. The Vice President gets N303,157.25.
2. Hardship Allowance: This covers expenses incurred during presidential duties and is 50% of the annual salary, amounting to N1,757,350.50 for the President and N1,515,786.25 for the Vice President.
3. Consistency Allowance: This allowance is 250% of the annual base salary, giving the President N8,786,762.50 and the Vice President N7,578,931.25.
4. Duty Tours: Amount varies based on official travel needs.
5. Constituents Allowance: Also 250% of the annual base salary, providing N8,786,762.50 for the President and N7,578,931.25 for the Vice President.
6. Estacode: Variable allowance for travel expenses.
7. Automobile Loan: Optional loan up to 400% of yearly basic pay, repayable during the term.
8. Gratuities: After their term, a severance pay of 300% of their annual salary awaits the President and Vice President.

Other Benefits

Apart from these allowances, they also enjoy benefits like accommodation, domestic staff, medical, security, and energy allowances.

Conclusion

The presidency in Nigeria is not just about power and responsibility; it’s financially rewarding too. While the salaries and allowances might seem generous, it’s essential to understand that these figures are set by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and are meant to cover the various demands and responsibilities that come with the job.

FAQs

1. How often is the President and Vice President’s salary paid?

   • They can be paid monthly, annually, or every four years, depending on the arrangement.

2. Can the President and Vice President decline any of the allowances?

   • Yes, some allowances like the automobile loan are optional and can be declined.

3. Who determines the salaries and allowances of the President and Vice President?

   • The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is responsible for determining the salaries and allowances based on the constitution.