The newly inaugurated ministers under the administration of President Bola Tinubu are expected to earn N8.63 billion in salaries and allowances over the next four years.
However, the figure might increase if the Revenu^e Mobilisation Allocation and Fiscal Commission (RMAFC) finalises its review of public servants’ remuneration.
According to source, Data on the remuneration package for public service holders from RMFAC revealed that a minister’s monthly salary is fixed at N650,135.99.
This means that a minister gets N7.801 million per annum.
A breakdown of this amount showed that the basic salary of a minister is N2,026,400 per annum; vehicle fueling N1,519,800; personal assistance, N506,600; domestic staff, N1,519,800; entertainment, N911,880; utilities, N607,920; monitoring, N405,280 and newspapers, N303,960.
These exclude other allowances approved for ministers by the RMAFC such as N16.20m for accommodation for four years; furniture allowance, N6.079m; severance gratuity, N6.079m; leave allowance, N0.81m and motor vehicle allowance, N8.1m.
Based on the analysis, each of the 45 ministers will get a N31.2m salary for four years. This implies that all of them will receive N1.497bn as monthly salary for the next four years.
Each minister is also granted annual supplementary allowances of N37.28 million translating into N1.785 billion annually for all of them and N7.142bn for four years.