President Barack Obama’s total pay last year was $400,000, which is about $34,000. The pay package of the world’s most powerful leader was revealed Friday as America’s First Couple revealed their tax filings for 2012.
With President Obama already pledging a 5 per cent pay cut, the couple’s income will most likely head southwards in 2013.
In Naira terms, Obama earns about N64million yearly from his work as the President of the United States of America, a country three-tenths the size of the African continent.
The revelation immediately forces a comparison with the obscenely jumbo pay Nigeria’s lawmakers receive.
Nigerian senators currently draw a scandalous N180 million illegal allowance each annually, making them the world’s highest paid lawmakers.
This excludes their basic salary – a far lesser figure -and essential allowances approved by the Revenue Mobilization, Allocation and Fiscal Commission.
It also does not include allowances and estacodes the senators draw while on committee work within and outside the country.
A member of the House of Representatives also receives N144 million as allowances.
The principal officers for the two chambers receive far much more, with the Senate President said to be drawing an allowance of N250 million every quarter, making the allowances N1billion yearly.
Here is a full picture of the salary of the Nigerian senator :
NIGERIAN SENATORS
Basic Salary (BS) = N2,484,245.50
Hardship Allowance: 50% of Basic Salary = N1,242,122.75
Constituency allowance: 200% of BS = N4,968,509.00
Furniture Allowance: 300% of BS = N7,452,736.50
Newspaper allowance: 50% = N1,242,122.70
Wardrobe allowance: 25% = N621,061.37
Recess Allowance: 10% = N248,424.55
Accommodation: 200% = N4,968,509.00
Utilities: 30% = N828,081.83
Domestic Staff: 35% = N863,184.12
Entertainment: 30% = N828,081.83
Personal Assistance: 25% = N621,061.37
Vehicle Maintenance Allowance: 75% = N1,863,184.12
Leave Allowance : 10% = N248,424.55
One off payments (Severance gratuity): 300% = N7,452,736.50
Motor Vehicle Allowance: 400% of BS = N9,936,982.00
Total per month = N29, 479, 749.00
The issue still remains whether Nigeria’s lawmakers can justify this payout in a country ravaged by poverty, where more than 80 per cent of the people live on less than a dollar a day.