Tinubu, Shettima, Akpabio, Others To Get More Pay As RMAFC Plans Salary Review

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, OFR, has reiterated the Commission’s commitment to upholding its constitutional mandate of reviewing and recommending the remuneration of political, public, and judicial office holders in accordance with the Act establishing the Commission.

The RMAFC Chairman, Dr. Mohammed Shehu stated this when he received a delegation from the Iinvestment and Security Tribunal (IST) led by the Chairman, Hon. Amos Isaac Azi, who came on a courtesy visit.

Based on the Remuneration Package for Political, Public and Judicial Office Holders obtained from the Revenue Mobilization, Allocation and Fiscal Commission, a minister’s monthly salary is fixed at N650,135.99. This translates into a total of N7.801,640 per annum.

A breakdown of this amount showed that the basic salary of a minister is pegged at N2,026,400 per annum, motor vehicle fueling N1,519,800, personal assistance N506,600, domestic staff N1,519,800, entertainment N911,880, utilities N607,920, monitoring N405,280 and newspapers N303,960.

The N7,801,640 annual salary for a minister does not include other allowances approved for them by the RMAFC.

These allowances are accommodation of N16.20m for four years, furniture N6.079m, severance gratuity N6.079m. leave allowance of N0.81m and motor vehicle allowance of N8.1m.

Shehu assured the delegation that the Commission would conduct a thorough review of the IST’s salary structure to ensure alignment with constitutional provisions.

Commending the tribunal for its critical role in Nigeria’s capital market, Shehu, acknowledged its global recognition as one of the leading specialized tribunals, noting that similar models have been adopted internationally. He emphasized the tribunal’s significant contribution to investor confidence by efficiently resolving disputes among investors, companies, and individuals, thereby ensuring stability in the financial sector.

“We recognize the remarkable work being done by the IST, and its reputation as a model tribunal in capital market adjudication is well deserved. Your role in ensuring swift and fair dispute resolution is instrumental to investor confidence and market stability.

“Given the importance of your work, it is only right that we give due attention to your remuneration structure to ensure it reflects your responsibilities,” Shehu stated.

The Chairman emphasised that the Commission would revisit the matter with a renewed sense of urgency.

“We understand that processes like these take time, as they require comprehensive review and input from various stakeholders. However, the Commission will ensure that this matter receives the attention it deserves.

“We have within the Commission highly experienced legal professionals, including a commissioner with extensive expertise, who will oversee the review. Once their findings are concluded, we will make a final recommendation,” he added.

Earlier in his address, Hon. Amos Isaac Azi disclosed that the purpose of the visit was to seek the support of RMAFC in ensuring that the remuneration of the Chairman, members and Chief Registrar of his organisation should be equivalent to that of the Chief Judge, Judges and Chief Registrar of the Federal High Court respectively as enshrined in section 220 of the Investment and Security Act 2007.

He expressed gratitude to Shehu for the promp attention given to them and praised the Commission for its steadfastness and commitment to the implementation of its mandate.

Speaking further, he said, “As the custodian of investment dispute resolution in Nigeria, the Investment and Securities Tribunal must remain a beacon of efficiency and investor confidence. Just as the law mandates parity in remuneration between the Tribunal and the Federal High Court, so must its implementation reflect this statutory provision without delay,”

Azi also highlighted the tribunal’s achievements, including the resolution of over ₦1.3tn worth of disputes in favor of investors and government agencies, and its pioneering role in introducing verbatim transcription and virtual hearings in Nigeria.

The IST Chairman presented the Nigerian Investment and Securities Tribunal Law Reports, a publication showcasing its commitment to legal excellence and transparency in capital market adjudication to the Chairman of RMAFC

Tinubu, Shettima, Akpabio, Others To Get More Pay As RMAFC Plans Salary Review is first published on The Whistler Newspaper