Many CEOs Of Govt Agencies Earn Higher Salaries Than President –RMAFC

Mohammed Shehu, the chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), has attributed the delay in the publication of the new revenue allocation formula to the Nigerian constitution’s ongoing modification.

The RMAFC chairman claimed that measures are being done to update political office holders’ compensation packages to take into account the current state of the economy.

Speaking at the first Economic Confidential Public Lecture and Book Presentation on Tuesday in Abuja, he made these revelations.

Two books were revealed at the event in keeping with the program’s topic of “Economic diversification in an evolving cashless society.”

“Pantami: Trials and Triumph of a Digital Maestro” and “eNaira Revolution: A Peep Into Nigeria’s Cashless Future” are the books that were presented.

Shehu claimed during the event that Senator Bola Ahmed Tinubu’s total compensation will continue at N1.2 million per month unless the proposed revision to the Remuneration Act for Elected and Designated Public Officials is voted into law in the days left of the present administration.

He also revealed that the monthly take-home pay for state governors is N1.1 million, pointing out that some agency heads receive higher monthly salaries than the president of Nigeria and state governors.

The RMAFC Chairman stated, “Mr. President’s monthly remuneration is N1.2 million. I have no doubt that certain MDA heads make N5m and some make N2m per month. No public employee in Nigeria should be paid more than the President and the state governor.

He remembered that the last time the salaries of people holding elected office and other designated public and judicial office holders were reviewed was in 2008, saying that this exercise was long overdue.

RMAFC is given the authority to choose the proper compensation for those who occupy political, public, and judicial offices in the nation under paragraph 32(D) of part 1 of the third schedule of the Federal Republic of Nigeria’s 1999 constitution, as amended.

The Commission had begun the process of evaluating the compensation for public officials, and judicial office holders.

Speaking on the subject of the public lecture, Shehu advised Nigeria to diversify its economy away from oil revenues in order to avoid the collapse of the nation.

“The Nigerian government must diversify its economy away from oil money in the genuine sense of the word or risk sinking. By relying solely on crude oil, we are unable to maintain our current course.

In order to fund the federation account, Nigeria has been forced to rely on the Federal Inland Revenue Service and the Nigeria Customs Service.

According to him, the Nigerian National Petroleum Company Limited’s share of the federation’s overall earnings is no more than 5%.

Shehu said that his panel had made significant contributions to the diversification of the economy away from the oil sector.

Before 2016, no one was aware that earnings from solid minerals might be shared with the federation. Revenue from solid minerals has increased from N2 billion in 2016 to N11 billion. State production of solid minerals receives a 13 percent deduction. The sector’s dependence on artisans is the only drawback. The nation has not yet attracted significant mining firms like Botswana and others.

Shehu recalled that the commission had earlier completed and sent a revision of the vertical Revenue Allocation Formula to President Muhammadu Buhari.

He said that the review is pending the president’s approval and that it might happen before the deadline of May 29.

The principal speaker, the minister of communication, and

Professor Isa Ali Ibrahim Pantami stated that the need of economic diversification cannot be overstated in the context of the digital economy.

The Minister stated that technology tools must be used in Nigeria in order to promote diversification.

The ICT revolution is what created the “digital economy,” which is a knowledge-based economy. Today, economic diversification primarily focuses on a

modern technology-driven knowledge-based economy,” the minister declared.