The salaries and benefits of incoming lawmakers could cost the country around N49 billion. This figure includes state and Federal lawmakers’ salaries and allowances. Salaries and benefits are based on data extracted from documents obtained from the website of the Revenue Mobilization and Fiscal Allocation Commission.
However, the total allowances are higher than reported as the amount for a number of the allowances was not disclosed.
At the national level, N32.60 billion is spent, while at the state level N16.32 billion.
According to the breakdown, the annual base salary of the President of the Senate is N2.48 million per year (approximately N9.94 million over four years), while that of the Vice President is N2.31 million per year (approximately N9.94 million over four years).
Out of 19 allowances given to the President and the Deputy of the Senate, only 5 allowances were assigned a specific figure.
The disclosed allowances include;
- Constituency allowance which is 25% of the basic annual salary
- Duty tour allowance of N50,000 per night
- Estacode of $1,300 per night
- Recess which is 10% of the basic annual salary
- Severance gratuity which constitutes about 300% of the basic annual salary.
The allowance of the Senate President will gulp about N33.29m. It includes an annual N6.21m for constituency allowance, an annual N248,424.25 for recess, and N7.45m for severance gratuity. The gratuity however is paid at the end of the tenure.
The allowance of the Deputy Senate President is also expected to cost the nation about N30.94m. This amount includes an annual N5.77m for constituency allowance, an annual N230,916.70 for recess, and N6.93m for severance gratuity.
Furthermore, other senators get N2.03m as a basic annual salary which is a total of N8.11m in four years. They also got a total of N72,137,440 each as allowances. The salaries of the 107 senators will cost N867.3m, while their allowances will cost N7.72bn. In the section for the salaries and allowances of other senators, out of the 20 allowances mentioned, only 15 were disclosed.
cc: Punch Ng
