Sunday, November 15

 11/15/2015         No comments
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Nigeria’s new ministers who were on Wednesday inaugurated by President Muhammadu Buhariwill earn about N485 million in salaries and allowances per annum, based on existing remuneration packages approved by the Revenue Mobilisation And Fiscal Commission (RMAFC).
Chairman of RMAFC, Mr Elias Mbam, has said that new packages would soon be made public. He said the work was “going through a process of editing.”
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 N4,052,800 as housing allowance. The annual housing allowance is 200 per cent of a minister’s annual remuneration.
Each of the ministers will also receive N6, 079,200 as furniture allowance, which is paid once in four years.
Should any of the ministers desire, they are also entitled to N8,105,600 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 N2,026,400. On monthly basis, this amounts to N168,866:66.
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 N1, 519,800 (annual value) with a monthly value of N126,650; personal assistant allowance of N506,600 per annum; and N1,519,800 for domestic staff.
Other allowances include provisions for entertainment, utilities, monitoring, newspapers/periodicals, security personnel, medicals and special assistants.
The summation of these annual allowances is N13,374, 240 for each minister excluding the optional vehicle allowance. Yearly, the Federal Government is expected to pay the 24 senior ministers no less than N320,981,760.
The ministers of state, otherwise referred to as junior ministers, receive slightly less allowances than the senior ministers.
A minister of state receives N3, 915,160 as housing allowance and N5,872,740 as furniture allowance. They are also entitled to N7, 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 N2,026,400. On monthly basis, this amounts to N168,866:66.
Like their senior counterparts, the state ministers are also entitled to other perks. These include motor vehicle fuelling and maintenance allowance of N1, 468,185 (annual value) with a monthly value of N122,348.
The summation of all the annual allowances for the junior ministers is N12,597,332 for each minister excluding the optional vehicle allowance. Yearly, the Federal Government is expected to pay the 13 junior ministers no less than N163,765,316.
The computation of what the federal government is expected to pay the 24 senior ministers, being N320,981,760, and what it would pay the junior ministers, which is N163,765,316, would amount to N484,747,076.
Source: Punch

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