JUMBO PAY: Severance packages of just retired CBN Dep Govs will surprise Nigerians

A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc

In this interview, the Chairman of the Revenue Mobilization, Allocation and Fiscal Commission , Mohammed Shehu, defends plans for upward review of emoluments of the President, Governors and political office holders which has been interpreted in many quarters to mean ‘jumbo pay’. Shehu also speaks on some other issues of national importance. Excerpts:

We are an agency of the Federal Government of Nigeria that oversees the revenues accruing to and the disbursement of such funds from the Federation Account to the federal, states and local government areas. We also ensure that there is conformity and equity in the nation’s revenue allocation formula.

First, let us clear a misconception. No Minister of the Federal Republic of Nigeria earns more than N1, 000, 000 a month. If you put that together, all 48 of them do not earn a cumulative N50, 000, 000 a monthly. Multiply that by 12 months which totals N600, 000 annually; multiply by four years that gives you N2.4bn in four years. This amount represents what they are paid as salaries and allowances including what they pay their personal staff, housing and all.

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