The Revenue Mobilization Allocation and Fiscal Commission, RMAFC reveals that the new President of Nigeria, Muhammadu Buhari, and his deputy, Yemi Osinbajo, will earn annual basic salaries of N3, 514, 705 and N3, 031, 572.50 respectively.
Excluding the basic salaries, the president is entitled to various regular allowances like: Hardship, 50 per cent of the basic salary – N1, 757, 350.50; consistency – 250 per cent, N8, 786, 762.50.
When all allowances payable each month are sum up, President Buhari will take home N1, 171,568.33 each month, and N14, 058, 820.00 yearly, while the Vice President Osinbajo will take home N1, 010, 524. 17 monthly, and N12, 126,290.00 per annum.
According to Section 32 (d) of Part 1 of the Third Schedule of the Constitution, the RMAFC is statutorily empowered to determine the remuneration appropriate for political office holders.
The current salary structure and allowances were reviewed and 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.