Nigeria's economy is currently a whirlwind of inflation, fuel hikes, and a new minimum wage of 70,000 Naira that feels like it disappears before it even hits the bank account. Naturally, everyone is looking at Aso Rock and asking: how much is nigeria president salary 2024 actually? There is a lot of noise on social media. People post these wild numbers that make it look like the President is taking home half the national budget in his pocket.
But the reality is a bit more nuanced. Honestly, if you look at just the "basic salary," you might be surprised by how low it looks on paper compared to the CEO of a mid-sized bank in Lagos.
The Official Breakdown: What the President Actually Takes Home
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is the body that decides what political office holders get paid. According to their standing data, which hasn't seen a massive structural overhaul in over a decade despite recent attempts, the President’s annual basic salary is actually $3,514,705$ Naira.
If you break that down into monthly chunks, it’s roughly $292,892$ Naira per month.
Wait. Just 292k?
Yeah, you've read that right. In 2024, that’s barely enough to fill the tank of a Land Cruiser twice a month at current fuel prices. But here is the catch: nobody survives on basic salary alone in the Nigerian government. The real money is in the "Consolidated Allowances." When you add the hardship allowance, consistency allowance, and various other perks, the total monthly package for President Bola Tinubu ends up being roughly $1.5$ million Naira.
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Breaking Down the Allowances
It isn't just one big bag of cash. It is broken into specific "functional" categories. For instance, the President gets a "Hardship Allowance" which is set at 50% of the basic salary. Then there's the "Consistency Allowance," which is a massive 250% of the basic salary.
- Hardship Allowance: ~$1,757,350$ Naira annually.
- Consistency Allowance: ~$8,786,762$ Naira annually.
- Duty Tour Allowance (Estacode): This varies based on where they travel.
- Leave Allowance: 10% of basic salary.
Then you have the "non-regular" perks. Every four years, there is a furniture allowance. There is a vehicle maintenance allowance. There is also the medical cover, which is basically "unlimited" because the state handles it. When people talk about how much is nigeria president salary 2024, they usually forget that the President doesn't pay for his own food, his own electricity, or his own security.
The 114% Salary Increase Controversy
In mid-2023 and continuing into 2024, there was a huge uproar because the RMAFC proposed a 114% increase for the President, Vice President, and other political office holders. The Chairman of the commission, Mohammed Shehu, argued that these salaries hadn't been touched since 2008. He basically said it was "a joke" to pay the leader of 200 million people such a "low" amount while heads of some government agencies earn ten times more.
While the proposal was tabled, it faced massive backlash from the Nigeria Labour Congress (NLC) and the general public. People were—and still are—angry. Why? Because while the government is mulling over whether to bump the President's pay to over $8$ million Naira monthly, the average Nigerian is struggling to buy a bag of rice.
How It Compares to Other Countries
If we look at the President’s salary in terms of US Dollars, the gap is massive. At an exchange rate of roughly $1,500$ Naira to $1$ USD, the President’s annual basic salary of $3.5$ million Naira is roughly $2,300$ USD.
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That’s per year.
Even with the allowances bringing the total to about $100$ million Naira annually, that is roughly $66,000$ USD. Compare that to the President of the United States who earns $400,000$ USD plus a $50,000$ expense account.
But comparisons are tricky. $66,000$ USD goes a lot further in Abuja than it does in D.C., especially when your housing, feeding, and transportation are already 100% covered by the taxpayer. This is why many Nigerians find the "low salary" argument a bit hard to swallow.
The "Hidden" Budget: It’s Not Just the Salary
To truly understand how much is nigeria president salary 2024, you have to look beyond the RMAFC payslip. You have to look at the National Budget under the "State House" allocation.
In the 2024 budget, billions of Naira were allocated for:
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- Renovation of residential quarters.
- Purchase of vehicles.
- Feeding and "hospitality."
- International and domestic travels.
For example, the 2024 budget included huge sums for the "Presidential Air Fleet." Maintaining those planes costs way more than the President's actual salary. So, while the "salary" might be $1.5$ million Naira a month, the "cost of maintenance" for the person holding the office is in the billions.
Why Is This Information So Hard to Pin Down?
Nigeria's transparency is... let's say, "in progress." While the RMAFC publishes the official structure, it’s the "discretionary spending" that stays murky. When the NLC argues for a higher minimum wage, they often point to these hidden costs. They argue that if the country is "broke," that "brokenness" should be visible at the top too.
Actually, many civil society groups like BudgIT have been trying to track this for years. They've pointed out that the lack of a clear, consolidated publicly available payslip for the President makes it easy for rumors to spread.
Actionable Insights: What You Should Know
If you're trying to track this for research or just to stay informed, here are the key takeaways:
- Official Basic: $3,514,705$ Naira per year.
- Total Official Monthly (with regular allowances): Approximately $1.5$ million Naira.
- The Big Picture: The "salary" is the smallest part of the cost. The real expenditure is in the State House budget for travel, feeding, and assets.
- Stay Updated: Watch for the RMAFC's new "Remuneration Act" which might finally legalize that 114% increase in the latter half of 2024 or 2025.
To stay on top of this, you should regularly check the RMAFC official website or the Budget Office of the Federation website. They release the "Appropiation Act" documents which show exactly how many billions are being sent to the Presidency for "personnel costs" versus "overhead." Looking at the personnel cost for the State House will give you a much better idea of the true "salary" than a single headline ever could.