Nigeria’s new ministers sworn in by President Muhammadu Buhari on Wednesday, November 11, will be paid N487m as yearly remuneration.
The current remuneration packages approved by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), is guided by the Remuneration Act of 2007.
In June 2015, the RMAFC set in motion the process for the downward review of the existing salaries and allowances of political, public and judicial office holders. The review became imperative following dwindling government revenues caused by falling prices in the international oil market.
New packages prepared by a committee have been recently ratified at a retreat held for commissioners of the agency.
However, the new packages are still have to be presented to the Federal Executive Council, which has the responsibility to present it to the National Assembly as a bill for enactment as an Act of Parliament.
Speaking with journalists on Saturday, November 14, Elias Mbam, the chairman of RMAFC, noted that the new packages would soon be made public, adding that the work was “going through a process of editing.”
Meanwhile, presidency sources revealed that the new ministers will be paid in accordance with the existing statute because the reviewed package was not yet ready.
According to the current package, Babatunde Fashola, the minister of Power, Works and Housing, Rotimi Amaechi, the minister of Transport, Lai Mohammed, the minister of Information and Culture, and other senior ministers will get N4,052,800 as housing allowance.
Each of the ministers is also entitled to N6, 079,200 as furniture allowance, which is paid once in four years.
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If any of the ministers desires, he or she is also entitled to N8,105,600 as motor vehicle allowance. However, the motor vehicle allowance is a loan repayable by the end of the tenure of the minister.
The annual basic salary of a substantive minister is N2,026,400 (N168,866:66 per month).
At the end of each month, each minister will receive motor vehicle fuelling and maintenance allowance of N1, 519,800 (annual value).
Each of the senior ministers is entitled to a payment of N1,519,800 for domestic staff, N911,880 annually – for entertainment, N607,920 – for utilities, N405,280 – for monitoring, N303,960 – for periodicals.
The summation of these annual allowances is N13,374, 240 for each minister excluding the optional vehicle allowance.