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Buhari, VP, Ministers, Lawmakers, Others Earn N9.18bn Yearly

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Twelve months after the Revenue Mobilisation, Allocation and Fiscal Commission pledged to give the nation reviewed salaries and allowances for political office holders, lawmakers and key government officials still cart home about N9.18bn annually in salaries and allowances.

Investigation show that while RMAFC had completed work on the review of the emoluments of political office holders about November 2015, the new emoluments have not seen the light of the day due to the politics involved in the process.

As a result, key political office holders still earn the full packages they earned before the decision to reduce the earnings of political and judicial office holders.

The annualised salary and allowances of the president is N14,058,820, while that of the vice-president is N12,126,290.

President Muhammadu Buhari and Vice-President Yemi Osinbajo had announced their decision to take only 50 per cent of the salary and allowances approved for them, meaning that they take home N7,029,410 and N6,063,145 respectively.

However, most of the allowances and entitlements of the President and Vice-President are not monetised but fully provided by the state.

Apart from salary, the regular allowances that are monetised for the President are only hardship allowance, N1,757,350.50 per annum; and consistency allowance, N8,786,762.50 per annum.

For the Vice-President, the hardship allowance is N1,515,786.25 per annum, while the consistency allowance is N7, 578,931.25 per annum.

The irregular allowances for the President are the severance allowance – 300 per cent of the annual salary or N10,544,115 – and leave allowance – 10 per cent of the annual salary or N351,470.50.

The irregular allowances of the Vice-President are the severance allowance – 300 per cent of the annual salary or N9, 094,717.50 – and leave allowance – 10 per cent of the annual salary or N303,157.25.

Other allowances that the President and the Vice-President are supposed to enjoy which are not provided in monetary terms include motor vehicle fuelling and maintenance, special assistants, and personal assistants.

Others are domestic staff, entertainment, utilities, security and newspapers/periodical allowances.

These irregular allowances include accommodation, furniture, duty tour, estacode, medical, and severance/gratuity.

For a senator, the salary and allowances add up to N20,669,280 per annum. Those of a member of the House of Representatives add up to N17,271,347.75.

There are 109 senators and 360 representatives. With the exception of the Senate President, the Deputy Senate President, the Speaker of the House of Representatives and his deputy whose allowances are provided by the state, lawmakers get a total of N8,397,965,454.5.

For a minister, the salary and allowances add up to N14,705,164 while those of presidential aide add up to N14,085,843.75. The Head of Service and the Secretary to the Government of the Federation are on the same salaries and allowances.

There are 36 ministers and 15 presidential aides. Their annual emoluments add up to N770,083,888.25.

RMAFC had in June 2015 set in motion the process for the downward review of the existing salaries and allowances of political, public and judicial office holders when it set up a committee chaired by Mr. Abdullahi Inde.

At the inauguration, returning Chairman of RMAFC, Mr. Elias Mbam, had urged the committee to be conscious of the prevailing economic situation and the need to reduce cost of governance so as to free more funds for development.

The current remuneration of public office holders is guided by the Remuneration Act of 2008. A review became imperative following dwindling government revenues occasioned by falling prices in the international oil market.

However, investigation showed that when Mbam left the commission following the completion of his first tenure in November 2015, the acting Chairman of RMAFC, Mr. Umar Gana, made a number of attempts to present the new packages to President Buhari but failed.

“The acting chairman could not get the green light from the Villa to present the remuneration package to the President,” an authoritative source told our correspondent.

“That is why the new salary structure has been stalled. The law requires that the President must get the recommendation from RMAFC who would table it before the Federal Executive Council for ratification. Then, it is presented to the National Assembly.”

The current allowances of lawmakers are in categories. Some are tagged regular allowances while others are tagged irregular allowances.

Regular allowances are those that are paid on monthly basis along with the monthly salaries while irregular allowances are paid at other frequencies ranging from annual to once in four years.

There are also other allowances not included in this calculation that are paid not at any fixed periods but as many times as they occur in the year.

The allowances are calculated as percentages of the annual salaries. While some are higher than the annual salaries; others are lower.

Basically, both senators and Reps are paid the same percentages of their salaries as allowances except in constituency allowance where senators are paid 250 per cent while Reps are 100 per cent.

Vehicle maintenance and fuelling alliance is 75 per cent; domestic staff, 75 per cent; entertainment, 30 per cent; utilities, 30 per cent; wardrobe, 25 per cent; newspapers, 15 per cent; house maintenance, five per cent; and personal assistants, 25 per cent.

The irregular allowances include housing allowance, 200 per cent of their annual salaries; furniture allowance, 300 per cent; recess allowance, 10 per cent and severance allowance, 300 per cent.

Housing allowance is paid once a year. Furniture allowance is paid once in four years and recess allowance is paid when the lawmakers are on recess and they go on recess four times in a year. Severance allowance is at the end of the four-year tenure.

There are other allowances that the lawmakers are not paid directly but provided and paid for by the government. These are special assistants, security and legislative aides. What this means is that those engaged in these capacities are paid directly by the government as the allowances cannot be claimed by political office holders. These allowances apply to senators and Reps.

Medical expenses are also borne by the government when they have need for the services.

The lawmakers are also entitled to tour duty allowance, estacode (when they travel).For a senator, the tour duty allowance is N37, 000 per night; the estacode is $950 per night.

For a member of the House of Representatives, the tour duty allowance is N35, 000 per night; while estacode is $900 per night.

Ministers and presidential aides also enjoy similar allowances.

Experts, however, are not worried by the official earnings of political office holders but by the unofficial ones. Lawmakers, for instance, are said to get some quarterly payment.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lagos Eyes Investment Surge as Sanwo-Olu Unveils Growth Strategy

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Governor Babajide Sanwo-Olu of Lagos State is spearheading a bold push to attract significant investment inflow to boost the state’s economic growth.

During a Pre-Summit Investor Roundtable at the Africa Social Impact Summit (ASIS 3.0), held at Eko Hotels and Suites, the governor outlined strategic opportunities for investors.

With the theme “Invest Lagos – Investment Opportunities,” the summit was organized by the Sterling One Foundation in collaboration with the Ministry of Commerce, Cooperatives, Trade, and Investment.

Attended by business leaders, chambers of commerce, and industry captains, the event underscored Lagos’ potential as a hub for economic activity.

Sanwo-Olu highlighted Lagos’ positive economic outlook, citing an expanding population and sustainable infrastructure as key growth drivers.

Despite challenging business environments, the state’s economy has shown resilience, welcoming new investments while sustaining existing ones.

The governor emphasized reforms aimed at improving the ease of doing business. He mentioned that digitizing services had reduced bureaucratic hurdles, fostering a stable business climate.

Sanwo-Olu assured potential investors of the state’s commitment to creating a supportive environment that ensures returns and security for investments.

“In the last five years, Lagos’ GDP has grown by 50 percent,” Sanwo-Olu stated. “We aim to sustain this growth and ensure the gains of the past years are not reversed.”

Sanwo-Olu identified sectors ripe for investment, including transportation, tourism, health insurance, and waterways. He expressed the government’s dedication to advancing development plans in these areas.

Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, highlighted Lagos’ economic strides, noting that the state’s GDP had increased from N27 trillion to N41 trillion in five years.

She detailed strategic investments, particularly the allocation of N550.7 billion for infrastructure in 2024, and the commitment of N44.33 billion to food security initiatives.

Sterling Bank’s Managing Director, Mr. Abubakar Suleiman, pointed out that economic growth in Africa is often hindered by an unstable investment climate.

The summit aimed to build investor confidence by fostering trust and transparency in business environments.

“Lagos remains a leading destination for investors,” Suleiman noted. “The state provides clarity and access to markets, maintaining consistency in its investment strategies.”

Sanwo-Olu’s administration continues to focus on diversifying Lagos’ economy through strategic investments in various sectors.

The state’s proactive approach has positioned it as a global city and an emerging African financial center.

The governor’s initiative is expected to further solidify Lagos’ reputation as a prime investment destination, paving the way for sustained economic growth and development.

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Vice-President Harris Gathers Momentum as Democratic Nominee

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Vice-President Kamala Harris has secured the support needed to become the Democratic nominee for president.

This was after President Joe Biden announced he would not seek re-election, endorsing Harris as his successor.

According to CBS News, Harris has received endorsements from over 1,976 delegates, surpassing the threshold needed to clinch the nomination in the first round of voting at the Democratic National Convention (DNC) scheduled for August.

Delegations from at least 27 states have expressed full support, showcasing a strong backing across the nation.

In her address to campaign staff in Wilmington, Delaware, Harris expressed gratitude for the widespread support, adding that she committed to uniting the party and the country.

“We have 106 days until Election Day, and in that time, we have some hard work to do,” she stated.

Harris laid out her vision for America, contrasting it with that of her likely opponent, Donald Trump.

Speaking on the direction of the campaign thus far, she said “Our campaign has always been about two different versions of what we see as the future of our country. One focuses on the future, the other focuses on the past.”

She acknowledged the accomplishments of the Biden administration, highlighting her pride in serving as vice-president.

“My time serving as vice-president was one of the greatest honors of my life,” Harris said, underscoring her dedication to continuing the work they started.

In a phone call to his campaign team, Biden praised Harris, urging his supporters to rally behind her. “I’m hoping you’ll give every bit of your heart and soul that you gave to me to Kamala,” he said.

Despite stepping back from the race, Biden vowed to remain actively involved in supporting Harris and emphasized the importance of defeating Trump, calling him “a danger to this nation.”

Harris’s nomination marks a significant milestone, but challenges remain. The campaign will focus on addressing key issues such as healthcare, climate change, and economic inequality.

With millions of dollars pouring into her campaign since Biden’s announcement, Harris aims to capitalize on the momentum and build a coalition that appeals to a broad spectrum of voters.

As the DNC approaches, Harris is expected to formally accept the nomination, solidifying her position as the Democratic leader.

The coming months will be crucial as she works to unite the party and reach out to undecided voters. With her historic nomination, Harris stands poised to make a lasting impact on the future of American politics.

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President Declines Nomination, Endorses Harris for 2024

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In a significant political announcement on his X.com account, President Joe Biden has decided to forgo the opportunity to seek re-election in 2024, instead throwing his full support behind Vice President Kamala Harris.

The surprise move, shared with the public this morning, represents a pivotal moment in the Democratic Party’s journey toward the upcoming presidential election.

In his statement, Biden said that his choice to step aside is driven by a desire to concentrate on his remaining duties as President.

He expressed gratitude for the opportunity to serve alongside Harris, calling her selection as his Vice President in 2020 “the best decision” he has made. “My fellow Democrats,” Biden began, “I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term.”

The President’s announcement signifies a strategic shift in the 2024 election landscape. By endorsing Kamala Harris, Biden not only aims to consolidate support within the party but also to set the stage for a unified front against former President Donald Trump.

“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year,” Biden declared. “Democrats — it’s time to come together and beat Trump. Let’s do this.”

This endorsement comes as a surprise to many, given Biden’s earlier commitment to seeking re-election.

However, it reflects a broader strategic maneuver to ensure party unity and strengthen the Democratic position in the face of a formidable opponent. By focusing on Harris, Biden aims to leverage her growing popularity and political acumen to fortify the party’s chances in the upcoming election.

Kamala Harris, who has served as Vice President since January 2021, will now be thrust into the spotlight as the presumptive Democratic nominee.

Her campaign is expected to build on the legacy of the current administration while addressing key issues facing the nation.

The move also raises the stakes for the Republicans, who will need to prepare for a robust campaign from a seasoned political leader in Harris.

As the 2024 election cycle ramps up, Biden’s endorsement is likely to reshape the dynamics of the race, influencing both Democratic strategies and Republican responses.

The coming months will be critical as Harris and her team work to solidify their platform and rally support from voters across the nation.

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