AS part of his plans to actualise his campaign promise of reducing the huge cost of governance to free funds for the delivery of democracy dividends, President Muhammadu Buhari and his deputy, Professor Yemi Osinbajo have slashed their salaries by 50 per cent.
With this Buhari and Osinbajo will earn half of what former President Goodluck Jonathan and former Vice President Namadi Sambo, earned.
The current annual remuneration of the President of Nigeria as published by the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, is N14,058,820.00.
This means Buhari, henceforth, will earn N7,029,410 a year or N28,117,640 in four years
To formalize the process, the leaders have written to the office of the Secretary to the Government of the Federation to intimate it of the new development.
According to a statement by the Senior Special Assistant, SSA, to the President on Media and Publicity, Mallam Garba Shehu, the letter detailing the presidential decision was delivered by the Permanent Secretary of the State House, Mr. Nebolisa Emodi.
With reference number PRES/81/SGF/17, Emodi in the letter said, “I write to forward the completed IPPIS registration form of Mr. President and to draw your kind attention to Mr. President’s directive that only 50 per cent of his salary be paid to him”.
The move is expected to be emulated by a host of Nigerian leaders in due course.
Abia State Governor, Dr. Okezie Ikpeazu, penultimate week slashed his remunerations by 50 per cent in view of the dwindling economic fortunes of the country.
Ebonyi State Governor, Dave Umahi, last Thursday ordered that the salaries of political office holders in the state should be suspended until civil servants have been paid.
Last week, President Buhari directed the release of about N414 billion as bailout to states to pay the backlog of salaries they were owing civil servants.
Before electing to slash his salary by 50 per cent, President Buhari had earlier rejected a proposal from the Aso Rock bureaucracy to approve the purchase of five customised armoured Mercedes Benz S-600 (V222) cars at the cost of N400 million.
Instead of buying new cars, the president, it was gathered said he would stick to the vehicles he inherited from the former President Jonathan administration.