News
Buhari to Earn N14.4m, VP Osinbajo N12. 1 Per Annum

Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has reviewed the salaries of the President, Vice President, Senate President and Speaker of the House of Representatives and Speakers in the 36 states of the federation, as well as well other legislators in both the National and State Assemblies among other public officers in the country.
Based on the total package prepared by the RMAFC, President Muhammadu Buhari‘s annual salary and allowances stand at N14, 4 million.
Vanguard reported that the break down shows that his Basic Salary is N 3,514,705 and Hardship allowance, N 1,757,350:50. Constituency N 8,786,762:50 and Leave Allowance – N351, 470.
Buhari will receive a 400 per cent increase in his salary amounting N14. 058 million, as gratuity upon a successful completion of his tenure.
The Federal Government is to provide him with all his needs including vehicles, Special Assistants, Personal Assistants, entertainment, security, utility bills, newspapers, medical bills and clothings.
The president’s estacode and Duty Tour allowance were not specified.
However, the Vice President is to receive an annual Basic Salary of N2, 064, 400; Hardship allowance- N1, 515, 786.25 and a Constituency Allowance of N7, 578, 931.25, bringing his total annual earning to N12.1million.
According to the Vanguard, about 75 per cent of his annual basic salary would be paid for vehicles and their maintenance if he chooses to buy his vehicles and maintain them.
He is to receive another 25 per cent to hire his Personal Assistants; 75 per cent for domestic staff; 45 per cent for entertainment and 30 per cent for utility.
The VP is to receive a separate 20 per cent of his salary for monitoring; 200 per cent for accommodation and 300 per cent for furniture.
His duty Tour Allowance stands at N 35 , 000 per night and an estacode of $900 per night.
He is to receive 10 per cent of his salary as Leave Allowance and 300 per cent as gratuity upon a successful completion of his tenure.
NATIONAL ASSEMBLY
Also, following a downward review of salaries and allowances of both the National and State Assembly legislators, the Senate President will receive a basic annual salary of N2, 484, 242.50 and allowance of N6. 2 million, bringing the total to N8. 69Million. His monthly salary is about N724, 570.
In addition, he collects 250 per cent of his Annual Salary as Constituency Allowance.
However, his vehicles and their maintenance are provided by the federal government. Similarly, his domestic staff, entertainment, utilities, security responsibility, Legislative Aids, House Maintenance an, as well as a Special Adviser and a Personal Assistant are provided by the federal government.
Similarly Robe (clothing) and newspapers are provided for the Senate President.
The Deputy Senate President enjoys the same benefits except that his Annual Basic Salary stands at N 2,309,166.75, total allowance N 5,772,916.8, bringing total annual salary to 8,082,083.63 and a monthly pay of N 673,506.97
The Senate Majority Leader receives a salary of N12, 968, 960. The Minority leader receives a total annual salary of N12, 908, 168. The Whip receives N12, 867 . The same applies to Committee Chairmen. Incidentally in the last administration almost all senators were chairmen of various committees.
The allowances received by the members of the upper legislative chamber is far more than their salaries indicate.
For instance, each senator receives 75 per cent of the annual salary as allowance for a vehicle and its maintenance. They collect another 75 per cent of their salaries for domestic staff; 30 per cent for entertainment; 30 per cent for utilities; 25 per cent for robe (clothing); and 250 per cent as constituency allowance.
Others include, another allowance unspecified which stands at 53 per cent; newspapers 15 per cent; Personal Assistance, 24 per cent; and House maintenance 5 per cent.
In addition, the Leader receives 10 per cent for Responsibility; Minority Leader 7; while the Whip and Committee chairmen receive 5 per cent for the same purpose.
Ordinary senators receive a basic salary of 2,026,400.00; annual allowance of N10,739,920.00 , bring it to a total of N 12,766,320.00.
Other non-regular allowances include 300 per cent gratuity for the Senate President; and estacode of $1, 00 per night for foreign trips, as well as, a N37,000 per night duty tour allowance.
All the senators who have just finished their terms at the 7th National Assembly are therefore entitled to 300 per cent of the annual salaries as gratuity.
The Deputy senate President gets N32, 000 per night as Duty Tour Allowance.
Senators receive $ 1 000 as estacode and a duty tour allowance of N23, 000 per night.
House of Reps
At the House of Representatives, the Speaker receives a total annual salary of N 4,334,942.50.
Just like the Senate President, the federal government provides his vehicles and their maintenance . His domestic staff, entertainment, utilities, security responsibility, Legislative Aids, House Maintenance an, as well as a Special Adviser and a Personal Assistant are provided by the federal government.
Similarly Robe (clothing) and newspapers are provided for the Speaker by the Federal Government.
He receives 75 per cent of his salary as constituency allowance.
Speaker of the House of Representatives, Hon. Yakubu Dogara after inauguration, yesterday. Photos: Olugbemiga Olamikan/
Speaker of the House of Representatives, Hon. Yakubu Dogara after inauguration, yesterday. Photos: Olugbemiga Olamikan/
The Deputy speaker whose annual salary stands at 4,002,309.94 enjoys similar benefits as the speaker.
The Majority Leader of the House, the Minority Leader, the Chief Whip and Chairmen of Committees receive annual salaries of N 6, 352,680.00. In addition, they receive 50 per cent of their salaries as Vehicle and Maintenance allowance; another 50 per cent for domestic staff; 10 per cent for utilities and another 10 per cent for House maintenance.
In addition, they collect 75 per cent for constituency allowance, 25 per cent for personal Assistant. Other members enjoy similar allowances.
At the House of Representatives, the speaker receives $ 790 estacode per night and N32, 000 per night for domestic trips.
The Deputy Speaker receives $750 and N30, 000 for estacode and Duty Tour, respectively. Members receive $550 and N21 , 000 for estacode and domestic trips , respectively.
Houses of Assembly
Speakers of the State Houses of Assembly enjoy all the benefits as their federal counterpart where virtually all they need are provided with public funds. However, their annual salaries stand at N 2,049,843.75 and a Constituency Allowance of N25 per cent of their Annual Salaries.
Deputy Speaker receives N 1,807,478.13 and 25 per cent of same as constituency allowance.
Members at the House of Assemblies receive annual salaries of N 2,473,866.25.
In addition, they receive 20 per cent for vehicles; 25 per cent for domestic staff, 10 per cent for utilities; 25 per cent each for robe, constituency , Personal Assistant and 5 per cent for newspapers.
The decision to review the current salaries and allowances of the nations’ public office holders received approval of many members of the public who had complained that the Nigerian law makers were about the highest paid in the world. These are the official earnings of these political office holders. But their spoils of office amount to several millions and even billions of naira in recent past.
News
NGX Unveils Net-Zero Plan for Greener Capital Market

Nigerian Exchange Limited (NGX) has launched the NGX Net-Zero Programme to guide listed companies toward clear carbon reduction pathways and enhanced climate disclosures aligned with global investor standards.

NGX
The high-level launch engaged chief executives of quoted firms alongside development partners including German Investment Corporation KfW, DEG, and African Foresight Group (AFG), NGX’s implementation partner. Issuers and investors discussed financing decarbonisation, sustainability practices, and attracting climate-aligned capital.
NGX Group Chairman Dr Umaru Kwairanga described the initiative as concrete climate action, commending partners for two years of groundwork. “Today marks leadership and decisive action. Climate change has become a core business imperative, with capital markets mobilising capital and setting standards,” Kwairanga said.
He positioned NGX Net-Zero to support emissions measurement, disclosure, capacity building, and sustainable finance access, urging CEOs to embrace it strategically rather than as compliance. Kwairanga reaffirmed NGX’s goal to make Nigeria’s capital market Africa’s green finance hub.
Group CEO Temi Popoola called climate action a business imperative, noting sustainability-embedded firms attract capital, manage risks, and stay competitive. DEG Management Board Member Monika Beck highlighted partnerships scaling impactful, commercially viable climate solutions.
The event closed with a ceremonial gong marking the programme launch and send-off for outgoing DEG Regional Director Bernd Telemann.
News
Nigeria Off EU High-Risk Money Laundering List in Major Financial Win

Nigerian Financial Intelligence Unit (NFIU) has hailed Nigeria’s removal from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) as a landmark achievement endorsing the nation’s reform efforts.

Nigerian Financial Intelligence Unit (NFIU)
NFIU CEO Hafsat Abubakar Bakari said the delisting, contained in European Commission Delegated Regulation (EU) C (2025) 8460 adopted December 4, 2025 and effective January 29, 2026, affirms sustained AML/CFT and Counter Proliferation Financing (CPF) reforms.
The move follows Nigeria’s exit from the FATF Jurisdictions under Increased Monitoring after addressing strategic deficiencies, alongside Burkina Faso, Mali, Mozambique, South Africa and Tanzania.
Bakari noted the European Commission recognised Nigeria’s strengthened AML/CFT effectiveness, closed technical gaps, and fulfilled FATF Action Plan commitments leading to grey list removal in June and October 2025.
The delisting eliminates enhanced due diligence requirements for EU financial transactions, easing compliance, boosting cross-border flows, and enhancing Nigeria’s appeal for European trade, investment and partnerships.
The NFIU attributed success to President Bola Ahmed Tinubu’s political will and collaboration among National Assembly, law enforcement, regulators, judiciary, private sector and development partners.
The agency reaffirmed commitment to ongoing FATF, GIABA, EU engagement and domestic framework resilience to maintain international confidence in Nigeria’s financial system.
News
FG Directs Banks, Fintechs to Remit VAT on Service Fees

The Federal Government has directed all banks and fintechs to collect and remit 7.5 per cent value-added tax on certain electronic banking services, effective Monday, January 19, 2026, according to an email notice issued by payment platforms.

The VAT will apply to electronic banking charges, including mobile money transfers, USSD transaction fees, and card issuance fees, according to an email notice on Wednesday shared with customers by Moniepoint.
For example, if a bank charges N100 to make a transfer, the 7.5 per cent VAT will be applied to that service fee, not the money being sent.
“From Monday, January 19, 2026, we are required to collect a 7.5 per cent VAT, to be remitted to the Nigerian Revenue Service (formerly known as the Federal Inland Revenue Service).
“VAT will apply to certain banking services that include electronic banking charges such as mobile banking fees (transfers), USSD transaction fees, and card issuance fees,” the email read.
Other operators are expected to issue similar notices to their customers in the coming days. Services that will remain exempt include interest earned on deposits and savings, meaning customers will not pay tax on the returns from their accounts.
The NRS, formerly known as the Federal Inland Revenue Service, has set the deadline to ensure that all commercial banks, microfinance banks, and electronic money operators comply with the collection and remittance requirement.
Moniepoint stressed that this is not a price increase but a statutory obligation. “Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service,” the company said in a statement.
The move is part of the government’s broader efforts to standardise VAT collection on digital financial services and expand revenue generation amid Nigeria’s growing digital economy. VAT on banking transactions is not entirely new; the NRS is now enforcing uniform collection rules across all platforms, ensuring compliance across the sector.
Customers have been assured that the new tax will be clearly itemised, with the VAT shown separately on transaction statements and reports.
In December, several commercial banks informed customers that the N50 stamp duty would be deducted on electronic transfers of N10,000 and above, following the commencement of provisions of the new Tax Act.
The charge, previously known as the EMTL, has now been formally reclassified as stamp duty and will be applied as a one-off fee on qualifying electronic transfers.
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