President Salary In Nigeria: How Much Do They Really Earn?

The President of Nigeria holds one of the most powerful and prestigious offices in the country, responsible for overseeing the executive branch of government and guiding national policy. While the role comes with immense responsibilities, many are curious about the financial compensation that accompanies such a position. What is the salary of Nigeria’s president? How does it compare to other leaders worldwide? In this post, we will take a closer look at how much the Nigerian president earns, what other benefits come with the position, and the debate surrounding presidential compensation in Nigeria.

Salary of the Nigerian President

The salary of the President of Nigeria is officially regulated by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), which is responsible for determining the remuneration for public office holders, including the president, vice president, governors, and lawmakers. According to the RMAFC’s guidelines, the Nigerian president earns an annual basic salary of ₦3,514,705, which translates to about ₦292,892 per month. However, this is just the basic salary.

In addition to the basic salary, the president is entitled to various allowances, including:

• Hardship Allowance: This is 50% of the basic salary, amounting to ₦1,757,350 per year.

• Constituency Allowance: The president receives 250% of their annual basic salary as a constituency allowance, totaling ₦8,786,762 annually.

• Leave Allowance: The president is entitled to ₦351,470 as a leave allowance, which is 10% of the annual salary.

• Duty Tour Allowance (DTA): Although the specific amount for DTA is not publicly disclosed, it is provided to cover the president’s travel expenses while performing official duties within and outside Nigeria.

When all of these allowances are added up, the president’s total annual remuneration exceeds ₦14 million. However, this figure does not include other benefits and perks that come with the presidency, which significantly boost the overall value of the position.

Other Benefits and Perks

In addition to the official salary and allowances, the President of Nigeria enjoys numerous non-monetary benefits that contribute to the overall compensation package. These perks include:

• Official Residence: The Nigerian president resides in Aso Rock Presidential Villa, the country’s official seat of power located in Abuja. The villa is equipped with state-of-the-art facilities, including living quarters, conference halls, offices, and recreational areas. The upkeep and maintenance of the residence are fully covered by the government, meaning the president incurs no personal housing expenses.

• Transportation: The president has access to an extensive fleet of vehicles, including luxury cars, helicopters, and private jets. The Nigerian Air Force One, a Boeing 737, is used for international trips, while helicopters and other aircraft are available for domestic travel. All transportation costs, including fuel, maintenance, and crew salaries, are covered by the government.

• Medical Care: The president receives top-tier healthcare, often having access to medical treatment both within Nigeria and abroad. This includes regular check-ups, emergency medical services, and other treatments that are fully funded by the government.

• Security: Security is a top priority for the Nigerian president, who is protected by a team of highly trained personnel from the State Security Service (SSS), the Nigerian Police Force, and the Nigerian Armed Forces. The president’s security detail is responsible for ensuring the safety of the president and their family, both at home and during official functions.

• Pension and Gratuities: Upon leaving office, former presidents of Nigeria are entitled to generous pension benefits. The pension is equal to the salary of a sitting president, which means that a former president continues to receive ₦14 million annually in pension payments. In addition to the pension, former presidents receive benefits such as a well-furnished residence, security, vehicles, medical care, and travel allowances for life.

• Miscellaneous Allowances: The president is also entitled to miscellaneous allowances, which include entertainment, utility, newspaper, and personal assistants’ allowances. These are provided to ensure the smooth running of the presidency and to cover various personal and official expenses.

The Debate Surrounding Presidential Salaries in Nigeria

While the official salary of the Nigerian president may seem modest compared to the private sector or even international standards, the issue of compensation for public office holders in Nigeria has sparked debate for many years. Critics argue that Nigeria, as a developing country with widespread poverty and underfunded public services, cannot afford to provide lavish benefits to political leaders. They also point to the disparity between the average Nigerian’s income and the benefits enjoyed by politicians at the highest levels of government.

Proponents of the current remuneration structure argue that the president and other top officials should be well-compensated to attract competent individuals and deter corruption. They believe that competitive pay, combined with generous allowances, ensures that public officials can focus on their duties without the temptation to engage in financial impropriety.

Additionally, some critics have raised concerns about the lack of transparency surrounding the actual cost of maintaining the presidency, especially when it comes to discretionary spending, security costs, and international travel expenses. Calls for greater accountability and transparency in government spending have grown louder, especially as Nigeria faces economic challenges such as inflation, unemployment, and fluctuating oil prices.

Conclusion

The salary of the Nigerian president, as regulated by the RMAFC, amounts to approximately ₦14 million annually when basic salary and allowances are combined. While this figure is reasonable by public service standards, the real value of the office lies in the numerous perks and benefits, including free housing, transportation, medical care, and lifelong pension entitlements. The debate over presidential compensation continues to be a contentious issue in Nigeria, reflecting broader concerns about governance, transparency, and equitable resource distribution.

Despite these debates, the presidency remains one of the most coveted positions in Nigeria, offering not just political power but also a substantial financial and material package.