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).