FICTION: A Nigerian Senator earns N10,000,000 salary monthly.
FACT: The official salary of a Nigerian Senator is about $2,000USD (Approx. N720,000) per month. However, there is an unjustified $37,500 (Approx. N13,500,000) additional monthly entitlement to each Senator (monthly total of: N14,220,000). This additional $37,500 is said to be used to ‘run’ the senator’s office. While I’m not sure what is being ‘run’ with such lump-sum, I think it is good for us to know what their official take home is and how they compare with an average Nigerian.
– A senator’s income (including expenses) is about ₦156,009,000 per year. It would take a Senator 61 MINUTES to receive what minimum wage income earner earns in 1 MONTH (before tax).
– With N18,000 minimum wage monthly salary, it would take a Nigerian approximately 722 YEARS and 3 MONTHS to earn a senator’s ANNUAL income (including expenses). So a minimum wage Nigerian would need to have worked continuously from the year 1296 until now to receive what a senator does in ONE year.
– A senator’s monthly income could buy about 694 bags of Mama Pride Premium Rice (50kg) while a minimum wage earner would need to borrow additional N2,500 to be able to afford 1 bag!
My next update would compare a Nigerian Senator’s salary to that of the President and Vice President. I will then show you reason behind this fact-finding; if you follow. To stay connected, make a comment below on today’s facts and do SHARE if you please.
BASIS OF ANALYSIS:
1. Assumption: An average Nigerian is a minimum wage earner.
2. Exchange rates were based on $1USD = N360.
2. Salary Structure: Senator Shehu Sani, March 7, 2018.
3. Cost of 1 Bag of 50kg ama Pride Premium Rice (Jumia Online Store,June 13, 2018).
From Wilfred Okwudili.