Every employee’s favourite time of the month is towards the end for one reason — payday. Everyone loves that credit alert sound that pops in, including Nigeria’s soon-to-be president, Bola Tinubu.
Presidents of any country are typically expected to make big bucks, as it is one of the highest-paying jobs in the world.
However, even though he is acclaimed to be one of Nigeria’s wealthiest politicians, Tinubu could soon widen his pockets with tons of monetary benefits when he becomes Nigeria’s president.
BAT the Odogwu
Let’s break his big bucks down for you:
The basic salary
Nigerian presidents earn up to ₦292,892 per month. This amounts to ₦3.5 million per year. This stems from various cuts the president gets from taxes, import duties and other streams of revenue.
This salary may not sound like much — until you see the additional benefits. These include paid and unpaid annual allowances.
The paid allowances
These additional benefits include the following:
This is an extra amount of money gotten for working under dangerous conditions. However, we’re yet to understand what could be dangerous or life-threatening from working at a heavily-guarded Aso Rock.
Tinubu will be set to collect ₦1,757,350 every month for this.
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Constituency allowance is the money allocated to address problems of citizens in various regions or (you guessed it), constituencies across the country.
This was originally created for Senators and the House of Representatives, but the President collects his own share as well.
The sum amounts to ₦8,786,762 for the consistency allowance, which is equal to 250% of the basic salary.
To avoid experiencing sapa while out of office, the President also receives ₦351,470 while probably chilling in the Bahamas or doing medical tourism in London.
The unpaid allowances
In addition to these allowances, there are other additional benefits the president gets from the federal government occasionally. Some of these include:
- Medical allowance
- Estacode or overseas allowance (this pays for expenses the President incurs abroad).
- Vehicle loan worth 40% of his salary. The president, however, must pay up to N12,126,290 before the term expires.
- Regular security details
- Access to official vehicles, aircraft and helicopters
- A fully-furnished presidential villa
- Personal assistance.
When you add the figures available (i.e his basic salary plus constituency, leave and hardship allowances) they all give a whooping ₦11.1 million per month!
Now you see how Tinubu is going to cash out as president and why the other candidates won’t let this slide. Follow Zikoko Citizen for more insightful explainers on politics, policies and governance today.