REVEALED: Fashola, Amaechi, Other Ministers To Earn N485m Yearly

ministers retreatEach of the 37 ministers sworn in by President Muhammadu Buhari on Wednesday will receive current remuneration packages approved by the Revenue Mobilisation, Allocationand Fiscal Commission, SUNDAY PUNCH has learnt.

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 packageswould 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.

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 is also entitled to N6, 079,200 as furniture allowance. The furniture allowance is 300 per cent 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 N1,519,800.

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. The vehicle maintenance allowance is 75 per cent of the annual basic salary.

The personal assistant allowance of N506,600 per annum is also payable. This has a monthly value of N42,216.66. This allowance is calculated as 25 per cent of the basic salary.

Each of the senior ministers is entitled to a payment of N1,519,800 for domestic staff. This is 75 per cent of the annual basic salary and on monthly basis amounts to N126, 650.

For entertainment, each of the ministers is entitled to N911,880 annually or N75,990 per month. This is 45 per cent of the annual basic salary.


Author: xhibitmagazine

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