The government of President Muhammadu Buhari has set in motion the process for the downward review of the existing salaries and allowances of political, public and judicial office holders in Nigeria.

Elias Mbam, the chairman of the
Revenue Mobilisation Allocation
and Fiscal Commission,
inaugurated the panel charged
with the responsibility of reviewing
the Remuneration Act 2008, the
document which prescribes
salaries.
Mbam advised the committee to
be conscious of the predominant
economic situation and the need
to cut down cost of governance so
as to free more funds for
development.
He also clarified that the panel
was constitutionally authorized to
initiate the review of the
remuneration packages as might
be needed from time to time so
as to indicate current economic
realities; advise federal and state
governments on monetisation
policies; and provide cost of living
indices for transformation of
allowances among others.
The chairman charged the panel
to take on wide consultations with
all critical shareholders comprising
all arms of administration of the
country, the national and state
assemblies, state and local
administrations, professional
economic bodies, the organised
labour, the academia, the media
and the Nigerian public in general
so as to enrich the process.
He recalled the committee
members of the condition to
insure that the review effectively
diminished decrease and abuses
and ensured prudent
management of resources as well.
Mbam emphasized that the
process, which is expected to cut
down cost of governance, was line
with the current realities where
the economy was characterised by
deflation and downturn in
international oil prices among
others.
He said the work was envisaged to
be completed before the end of
September.
According to the Revenue
Mobilisation Allocation and Fiscal
Commission informs that
President Buhari will earn a
monthly salary of N3, 514, 705, his
allowance N1,757,350.50( 50% of
his salary).