
How much President Tinubu and ministers dey collect as salary - why dem wan review am?
Dis dey come afta di Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) announce say dem don begin di process to review di current Revenue Allocation Formula between di federal, state and local governments.
RMAFC Chairman Mohammmed Shehu during one presser for Abuja, Nigeria capital argue say di current salary wey politicians dey receive too small, unrealistic and outdated for di face of dia rising responsibilities and economic challenge.
Oga Shehu say di current monthly salary of President Bola Tinubu na 1.5 million naira ($977), while dat of ministers dey earn less dan N1 million evri month.
"You dey pay di President of di Federal Republic of Nigeria 1.5m naira a month, wit a population of ova 200 million pipo. You no fit pay minister less dan one million naira per month since 2008 and expect am to put im best and e no go involve for oda tins."
Di chairmo argue say meanwhile, Central Bank of Nigeria govnor or di Director General dey collect 10 times more dan di salary wey di president dey collect.
"E no dey not right. Or you pay am [di head of an agency] twenty times higher dan di Attorney-General of di Federation. E no dey right at all," Oga Shehu add.
Oga Shehu disclose say di last time dem carry out comprehensive revenue allocation formula review na for 1992, and dem dey adjust am small-small through executive orders from 2002 to date.
E say sake of dat dem wan review di current Revenue Allocation Formula (RAF) to ensure equity, fairness, and responsiveness to di changing social economic realities of di kontri.
E describe di exercise as constitutional responsibility wey don become imperative in light of Nigeria evolving socio-economic and political landscape.
As tori pipo ask if di commission go review di salary of civil servants too, di RMAFC boss say dia work dey strictly restricted to political office holders, govnors, senators, legislators, ministers, DGs, and oda pipo.
"Time don reach wey pipo like you and odas suppose support di commission to come up wit reasonable living salaries for ministers, DGs, plus di President.
Why RMAFC dey review di salary of politicians
According to Oga Shehu, dem dey review di revenue allocation formular to produce a fair, just, and equitable revenue-sharing formula wey go reflect di current responsibilities, needs, and capacities of di three tiers of govments in line with di constitutional roles.
"Di recent constitutional amendments, wey share responsibilities like power generation, railways, and correctional services to subnational govment don place financial and administrative burdens on dem. Dis situation don make am essential to re-evaluate di structure of fiscal federalism to foster economic growth and ensure sustainability," e tok.
E add say under di current revenue allocation formula, di federal govment share na 52.6 per cent, 26.7 per cent for di state governments, and 20.6 per cent dey allocated to di local governments.
Di committee also give one per cent each to di Federal Capital Territory, ecological fund, natural resources, plus di stabilisation fund under the vertical revenue allocation.
Speaking further, e quote Paragraph 32 (b), Part I of di Third Schedule of di1999 Constitution of di Federal Republic of Nigeria (as amended), wey compulsory RMAFC to "review, from time to time, di revenue allocation formulae and principles in operation to ensure conformity wit changing realities".
"In line wit dis constitutional responsibility and in response to di evolving socio-economic, political, and fiscal realities of our nation, di commission don reolve to initiate di process of reviewing di revenue allocation formula to reflect emerging socio-economic realities.
Nigerians reaction
Some Nigerians don react following di announcement of di RMAFC, while some question why di commission go wan add to di salary of politicians wey already dey live very lavish lifestyle while dia citizens dey suffer, and govment dey find am difficult to pay N70,000 minimum wage.
Odas hail di initiative as ogbonge development.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
an hour ago
- Reuters
Pop Mart CEO says Labubu-maker's revenue could hit over $4 bln this year
HONG KONG/SHANGHAI, Aug 20 (Reuters) - Pop Mart ( opens new tab chief executive Wang Ning said on Wednesday his toy company was on track to meet its targeted revenue goal of 20 billion yuan ($2.78 billion) in 2025, and that "30 billion ($4.18 billion) this year should also be quite easy." Wang, who founded the company in 2010, was speaking with analysts after Pop Mart announced record half-year results on Tuesday, with the makers of the ugly-cute Labubu doll reporting net profit soared nearly 400% as demand for the toys surged, particularly in higher-margin overseas markets. Pop Mart shares were up more than 5% in early Wednesday trading in Hong Kong. Executives also said on Wednesday that expansion in emerging markets in the Middle East, Central Europe and Central and South America was being explored. "I think for overseas markets we're still very positive, and we also believe there's still very broad space for growth," Wang said, adding that sales from North America and Asia Pacific this year would together equal China sales in 2024. In the United States, where Pop Mart currently has about 40 stores, Wang said the company will begin a phase of "relatively rapid store openings" over the next year or two, with 10 more U.S. shops expected to open by the end of this year. Pop Mart's primary business is producing and selling collectible toys, many of them developed with artists and sold in "blind boxes", packages consumers buy for around $10 to $20 without knowing exactly which iteration of the toy is inside. Labubu, a toothy-grinned member of "The Monsters" series of toys designed by Kasing Lung, has become a favourite of celebrities including Rihanna and David Beckham and has sold out around the world. Until now most popular as a charm for handbags, Pop Mart says it will this week launch a mini version of Labubu that can be attached to phones. Pop Mart said on Tuesday "The Monsters" raked in 4.81 billion yuan ($669.88 million) in the first half, accounting for 34.7% of total revenue. Four other toy series' earned more than 1 billion yuan during the period, including "Molly" and "Crybaby", it added. "We expect more restocking of existing series and launch of new editions to drive earnings expansion in the second half. That said, shares likely remain overpriced as investors are overlooking the high business risk in the long run, in our view," said Morningstar analyst Jeff Zhang. Shares in the company have risen more than 230% year-to-date, making Pop Mart more valuable than traditional industry giants like Barbie-maker Mattel (MAT.O), opens new tab, and Hello Kitty parent company Sanrio (8136.T), opens new tab. Next in Pop Mart's sights is a Disney-esque empire with executives saying the firm is optimistic about opportunities for Pop Mart characters to star in animated films and theme park attractions, though these are not expected to contribute a large amount of direct revenue in the short term. ($1 = 7.1866 Chinese yuan renminbi)


Reuters
an hour ago
- Reuters
Musk quietly puts brakes on plans for new political party, WSJ says
Aug 19 (Reuters) - Billionaire Elon Musk is quietly putting the brakes on plans to start his new political party, telling allies he wants to focus on his companies, the Wall Street Journal said on Tuesday, citing people with knowledge of the plans. Musk unveiled the 'America Party' in July after a public dispute with President Donald Trump on the tax cut and spending bill. He has recently been focused in part on maintaining ties with Vice President JD Vance, the paper said, and has acknowledged to associates that forming a political party would damage his relationship with Vance. Musk, the world's richest man, and his associates have told people close to Vance that the billionaire is considering using some of his financial resources to back Vance if he decides to run for president in 2028, the paper said. The CEO of Tesla (TSLA.O), opens new tab and SpaceX spent nearly $300 million in 2024 to help Trump and other Republicans get elected, exerting enormous influence in the first few weeks of Trump's term as head of the newly created efficiency department (DOGE). Reuters could not immediately verify the Journal report. Tesla and the White House did not immediately respond to a Reuters request for comment outside regular business hours. Vance, who had called for a truce following Musk's all-public feud with Trump, reaffirmed his position this month and said he had asked Musk to return to the Republican fold. Tesla shares are down more than 18% this year after it posted in July its worst quarterly sales decline in more than a decade and profit that missed Wall Street targets, though its profit margin was better than many had feared. Musk also warned of "a few rough quarters" after the end of support for electric vehicles by the Trump administration. Investors worry whether he will be able to devote enough time and attention to Tesla after locking horns with Trump over his ambitions for a new political party.


Reuters
2 hours ago
- Reuters
Labubu-maker Pop Mart CEO says revenue could reach 30 billion yuan this year
HONG KONG/SHANGHAI, Aug 20 (Reuters) - Pop Mart ( opens new tab chief executive Wang Ning said on Wednesday his toy company was on track to meet its targeted revenue goal of 20 billion yuan ($2.78 billion) in 2025 and that "30 billion this year should also be quite easy." Wang was speaking with analysts after Pop Mart announced record half-year results on Tuesday, with the makers of the ugly-cute Labubu doll reporting net profit soared nearly 400% as demand for the toys surged, particularly in higher-margin overseas markets. Pop Mart executives also said on Wednesday that expansion in emerging markets in the Middle East, Central Europe and Central and South America was being explored. "I think for overseas markets we're still very positive, and we also believe there's still very broad space for growth," Wang said, adding that sales from North America and Asia Pacific this year would together equal China sales in 2024. In the United States, where Pop Mart currently has about 40 stores, Wang said the company will begin a phase of "relatively rapid store openings" over the next year or two, with 10 more U.S. shops expected to open by the end of this year. Pop Mart's primary business is producing and selling collectible toys, many of them developed with artists and sold in "blind boxes", packages consumers buy for around $10 to $20 without knowing exactly which iteration of the toy is inside. Labubu, a toothy-grinned member of "The Monsters" series of toys designed by Kasing Lung, has become a favourite of celebrities including Rihanna and David Beckham and has sold out around the world. Until now most popular as a charm for handbags, Pop Mart says it will this week launch a mini version of Labubu that can be attached to phones. The firm is also exploring options in content and entertainment, saying it is optimistic about opportunities for Pop Mart characters to star in animated films and theme park attractions, though these are not expected to contribute a large amount of direct revenue in the short term. ($1 = 7.1866 Chinese yuan renminbi)