We have received lots of search queries demanding for an in-depth information on Nigerian senators salary vs average Nigerian salary.
For some years, the salary and allowances of Nigerian senators have been a source of contention and public debate.
The Senate is the upper body of the National Assembly of Nigeria, and senators are elected to serve their individual constituencies for four years.
The average wage in Nigeria varies according to several criteria, including region, job type, and amount of experience.
Keep reading as we discuss more on Nigerian senators salary vs average Nigerian salary.
Nigerian senators salary vs average Nigerian salary – For Nigerian Senators
Here is an in-depth look at the salaries and allowances of Nigerian senators:
#1. Basic salary
According to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), the basic annual salary of a Nigerian senator is N2,484,245.50, which translates to a monthly salary of N207,020.46.
In addition to their basic salary, Nigerian senators are entitled to several allowances, which include:
- Constituency allowance – Senators are permitted to a constituency stipend of N7,452,736 each year to assist them in carrying out their legislative responsibilities in their various constituencies.
- Accommodation allowance – Senators are allowed to an annual accommodation stipend of N4,968,509, which is intended to pay their housing expenses.
- Furniture allowance – Senators are enabled to a furniture allowance of N7,452,736 each year, which is intended to provide them with the furniture they need for their offices and houses.
- Wardrobe allowance – Senators are eligible to a wardrobe allowance of N1,242,122 per year to cover their apparel expenses.
- Newspaper allowance – Senators are authorized to a newspaper stipend of N1,242,122 per year to cover the cost of their newspaper subscriptions.
- Utility allowance – Senators are titled to an annual utility stipend of N828,081 to pay their utility expenditures.
#3. Other benefits
Nigerian senators are also entitled to several other benefits, which include:
- Medical treatment – Senators are entitled to free medical care in any Nigerian government-owned facility.
- Travel allowance – Senators are eligible for travel allowances for both domestic and overseas visits.
- Severance allowance – Senators are entitled to a severance stipend equal to 300% of their yearly basic salary, which is provided at the conclusion of their mandate.
Nigerian senators salary vs average Nigerian salary – For average Nigerian
According to National Bureau of Statistics statistics, the average monthly wage in Nigeria in 2021 would be from N30,000 to N50,000 ($73 to $122).
The minimum wage in Nigeria is N30,000 per month, which is the lowest amount a business may legally pay its employees.
However, many businesses and organizations pay their employees more than the minimum wage, with some paying as much as N500,000 or more per month for highly skilled professionals.
Nigerian senators salary vs average Nigerian salary – Salary levels are greater in urban locations like as Lagos, Abuja, and Port Harcourt, where the cost of living is often higher.
This is because firms in these industries are frequently compelled to pay greater wages in order to recruit and retain outstanding people.
Salary levels in Nigeria are also influenced by the type of employment and amount of experience.
Highly qualified professionals like physicians, engineers, and attorneys often earn more than entry-level workers in fields like retail and hospitality.
Furthermore, workers with more years of experience tend to earn more than those with less experience.
Nigerian senators salary vs average Nigerian salary – It is crucial to highlight that the cost of living in Nigeria is rather high when compared to other African nations, making it difficult for individuals to satisfy their basic demands while also saving money.
This is especially true for low-wage or minimum-wage workers who may struggle to make ends meet.
Conclusion – Nigerian senators salary vs average Nigerian salary
Nigerian senators salary vs average Nigerian salary – Senators in Nigeria are entitled to a base salary of N2,484,245.50 a year, as well as various perks and bonuses.
A Nigerian senator’s total yearly compensation is projected to be over N29 million, making it one of the best paid legislative professions in the country.
Furthermore, the salaries and allowances of Nigerian senators have been a source of contention, with many Nigerians calling for a pay cut to reflect the country’s economic realities.
Nigerian senators salary vs average Nigerian salary – Meanwhile, the average monthly salary in Nigeria ranges between N30,000 and N50,000, with pay varying depending on location, job type, and level of experience.
While some workers in Nigeria earn higher wages, the high cost of living makes it difficult for many to meet their basic needs.