Responsive Ad Slot

eSCAPE Book
Latest

Sports

Relationship Matters

Opinion

Fashola, Amaechi Other Ministers To Earn ₦485m Yearly

Each of the 37 ministers sworn in by President Muhammadu Buhari on Wednesday will receive current remuneration packages approved by the Revenue Mobilisation, Allocation and Fiscal Commission, Sunday Punch has learnt.



Some of the newly inaugurated ministers in Nigeria
Some of the newly inaugurated ministers

The current remuneration of public office holders is guided by the Remuneration Act of 2007.

RMAFC had in June set in motion the process for the downward review of the existing salaries and allowances of political, public and judicial office holders when it inaugurated a committee chaired by Chairman of Remuneration Committee, Mr. Abdullahi Inde.

A review became imperative following dwindling government revenues occasioned by falling prices in the international oil market.

New packages prepared by a committee headed by Inde, had been ratified at a retreat held for commissioners of the agency, which was concluded recently in Owerri.

The recommendations of the committee concentrated on the allowances of political and judicial office holders as the salary packages will not depart significantly from the status quo.

However, after the preparation of the new packages by RMAFC, it still has 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.


Chairman of RMAFC, Mr. Elias Mbam, told our correspondent on Saturday that the new packages would soon be made public. He said the work was “going through a process of editing.”


Presidency sources told our correspondent that the new ministers would be paid in accordance with the existing statute because the reviewed package was not ready.

Senior ministers to get ₦13m, Juniors ministers earn ₦12m each

According to the current package, the Minister of Power, Works and Housing, Mr. Babatunde Fashola; Minister of Transport, Mr. Rotimi Amaechi; Minister of Information and Culture, Mr. Lai Mohammed and other senior ministers will get ₦4,052,800 as housing allowance. The annual housing allowance is 200 percent of a minister’s annual remuneration.

Each of the ministers is also entitled to ₦6,079,200 as furniture allowance. The furniture allowance is 300 percent of a minister’s annual salary. Unlike the housing allowance, however, the furniture allowance is paid once in four years. This means the furniture allowance per annum is ₦1,519,800.

Should any of the ministers desire, they are also entitled to ₦8,105,600 as motor vehicle allowance. The motor vehicle allowance is, however, a loan repayable by the end of the tenure of the minister.

The annual basic salary of a substantive minister is ₦2,026,400. On monthly basis, this amounts to ₦168,866.66.

Apart from the monthly basic salary, there are other perks that each minister will receive at the end of each month. These include motor vehicle fuelling and maintenance allowance of ₦1,519,800 (annual value) with a monthly value of ₦126,650. The vehicle maintenance allowance is 75 percent of the annual basic salary.

The personal assistant allowance of ₦506,600 per annum is also payable. This has a monthly value of ₦42,216.66. This allowance is calculated as 25 percent of the basic salary.

Each of the senior ministers is entitled to a payment of ₦1,519,800 for domestic staff. This is 75 percent of the annual basic salary and on monthly basis amounts to ₦126, 650.

For entertainment, each of the ministers is entitled to ₦911,880 annually or ₦75,990 per month. This is 45 percent of the annual basic salary.

For utilities, each of the ministers is entitled to 30 percent of their annual salary which translates to ₦607,920 per annum or ₦50,660 a month.

For monitoring, each of the ministers is entitled to 20 percent of their annual basic salary. This translates to ₦405,280 per annum or ₦33,773.33 per month.

For newspapers/periodicals, each of the senior ministers will get 15 percent of the annual basic salary. This translates to ₦303,960 per annum or ₦25,330 per month.

Allowances for their security personnel, medicals and special assistants are also provided. The tour duty allowance is ₦35,000 per night; the estacode is $900 per night and the leave allowance is 10 percent of their annual salary or ₦202,640.

The summation of these annual allowances is ₦13,374, 240 for each minister excluding the optional vehicle allowance. Yearly, the Federal Government is expected to pay the 24 senior ministers no less than ₦320,981,760.

Each of the ministers of state, on the other hand, is entitled to ₦3, 915,160 as housing allowance and ₦5,872,740 as furniture allowance. Should any of the ministers desire, they are also entitled to ₦7, 830,320 as motor vehicle allowance, which is a loan repayable by the end of the tenure of the minister.

The annual basic salary of a substantive minister of state is ₦2,026,400. On monthly basis, this amounts to ₦168,866.66.

Like their senior counterparts, the state ministers are also entitled to other perks. These include motor vehicle fuelling and maintenance allowance of ₦1, 468,185 (annual value) with a monthly value of ₦122,348.

The personal assistant allowance of ₦489,395 per annum is also payable. This has a monthly value of ₦40,782.91. This allowance is 25 percent of the basic salary.

Each of the state ministers is entitled to a payment of ₦1,468,185 for domestic staff. This is 75 percent of the annual basic salary and on monthly basis amounts to ₦122,348.75.

For entertainment, each of the state ministers is entitled to ₦880,911 annually or ₦73,409.25 per month. This is 45 percent of the annual basic salary.

For utilities, each of the ministers is entitled to 30 percent of their annual salary which translates to ₦587,274 per annum or ₦48, 939.50 a month.

For newspapers/periodicals, each of the state ministers will get 15 percent of the annual basic salary. This translates to ₦293,637 per annum or ₦24, 469.75 per month.

Like their senior counterparts, the security personnel, medicals and special assistants are also provided for the state ministers. The tour duty allowance is ₦30,000 per night; the estacode is $900 per night and the leave allowance is 10 percent of their annual salary or ₦195,758.

The summation of these annual allowances for the junior ministers is ₦12,597,332 for each minister excluding the optional vehicle allowance. Yearly, the Federal Government is expected to pay the 13 junior ministers no less than ₦163,765,316.


Share this post with your friends and also share your thoughts by adding your comments below. 

Follow us on Social Media or Subscribe to our RSS feed
 for our latest posts.
Google+: +Nigeria News World
Facebook: @NigeriaWorldNews
Twitter: @nigerianewszone
Pinterest: @nigerianewszone
 

No comments

Post a Comment