By Joshua Tosin Ogunsakin 
The President of Nigeria earns an annual salary of ₦14,058,820, translating to a monthly income of ₦1,171,568, while state governors receive ₦7,782,968 annually, or ₦648,581 monthly, according to data available on RMAFC, a government agency.
These figures were disclosed by Muhammed Shehu, Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), in an interview.
Shehu emphasised that political officeholders in Nigeria do not earn exorbitant salaries, contrary to popular belief, and noted that there has been no salary increment for these positions since 2007.
RMAFC Chairman addresses salary misconceptions
Shehu clarified that some civil servants, including employees of the Central Bank of Nigeria (CBN), earn more than ministers and legislators.
“The monthly salary of the President is less than ₦1.5 million; that of a minister is not even up to ₦1 million,” he stated, adding that the remuneration of political officeholders is often misunderstood.
Despite these revelations, controversies surrounding the cost of governance persist, with many Nigerians advocating for reductions in government spending.
Budget allocations and salary review proposals
In the 2023 fiscal budget, ₦2.9 trillion was allocated for salaries and wages, marking the second-highest expenditure.
This figure represents an increase from ₦2.51 trillion in the 2022 budget, which had the highest allocation. Calls for salary reviews have been met with resistance, as a proposed 114% increase for the President’s salary in June 2023 was not approved.
Reports by The ICIR highlighted how salaries of ministers, senators, and special advisers could be reinvested to address critical national needs.
Additionally, the appointment of 46 ministers by President Bola Tinubu has raised concerns over the financial implications, with their basic salaries costing ₦29.91 million monthly, according to ICIR.
Minimum wage in Nigeria
As of 2025, the minimum wage in Nigeria stands at ₦70,000 per month, following a revision implemented under President Bola Tinubu’s administration.
This wage applies to both public and private sector workers across the country. Discussions surrounding an increase in the minimum wage continue as many workers advocate for adjustments to match the rising cost of living and inflation.