TheCable

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it has commenced the process of reviewing salaries and allowances of political, public and judicial office holders.

Elias Mbam (pictured), chairman of RMAFC, disclosed this while inaugurating members of the committee charged with carrying out the review.

Mbam said the exercise was in line with the current realities where the economy was characterised by inflation and down turn in international oil prices amongst others.

He urged the committee to be conscious of the prevailing economic situation and the need to reduce cost of governance, to free more funds for development.

“The commission is constitutionally empowered to undertake the review of the remuneration packages as may be required from time to time so as to reflect current economic realities,” Ibrahim Mohammed, head of RAMFAC’s public relations, quoted Mbam as saying.

“RMAFC is also mandated to advise federal and state governments on monetisation policies, generate cost of living indices for revision of allowances amongst others.

“To this end, the committee will undertake wide consultations with all critical stakeholders, including all arms of government of the federation.

“This includes the national and state assemblies, states and local governments, and professional economic bodies.”

Mbam said the organised labour, academia, media and the public would be consulted in order to enrich the process.

He advised the committee to ensure that the review effectively minimises wastage and abuses and also ensure prudent management of resources as well.

Mbam tasked the committee to derive an appropriate remuneration that is commensurate with the work that political, public and judicial officers do, revealing that the exercise would be completed before the end of September 2015.

From the commission’s website, the current annual salary and other allowances of the president is about N14 million, while that of the vice-president is N12 million and ministers, N7.8 million.

The senate president earns N5.5 million yearly and his deputy, N5.1 million. Other senators earn N5 million.

In the house of representatives, the speaker earns N4.3 million; his deputy, N4.2 million while other members earn N4 million annually.