By Erewunmi Peace

A recent statement by Professor of History and International Relations, Akinjide Osuntokun, has reignited public debate over Nigeria’s widening public sector pay gap — particularly the sharp contrast between the salaries of the President and the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

Osuntokun’s remarks, which have circulated widely across media platforms, underscored that Emefiele earned a monthly income that far exceeded the President’s official pay, even as the former CBN chief allegedly nursed ambitions to run for the presidency.

At the heart of the controversy are two figures — both derived from verifiable official and legal records — that reveal a striking disparity in Nigeria’s remuneration structure.

1. The Nigerian President’s Official Pay

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) sets the President’s official salary.

Official Monthly Pay: ₦1,171,568.20

Source: Revenue Mobilization Allocation and Fiscal Commission (RMAFC)

Context: This figure represents the President’s total monthly earnings, including basic salary, hardship allowance, and consistency allowance.

2. The Former CBN Governor’s Remuneration

While Professor Osuntokun cited ₦35 million as Emefiele’s monthly pay, official records from court documents released during investigations into his tenure confirm a compensation package close to that figure.

Official Annual Remuneration: ₦350,000,000

Monthly Equivalent: Approximately ₦29.17 million

Source: Certified court documents presented during legal proceedings.

Context: This amount excludes additional benefits such as ₦75 million quarterly reimbursements and significant foreign travel estacodes in U.S. dollars — pushing his total earnings even higher.

Quoting Professor Osuntokun:

“It wasn’t until recently when newspapers carried the news that Emefiele, the Governor of the Central Bank, was earning ₦35 million a month officially — that was his salary. So someone was arguing, how can the President of Nigeria be earning about ₦1 million when the Governor of the Central Bank earns this amount? But in spite of that, he was not satisfied; he still wanted to be President.”

The revelation has intensified public outcry over what many describe as a distorted compensation system — where regulatory agency heads and financial institution chiefs reportedly earn dozens of times more than the nation’s top elected leader.

Analysts argue that this imbalance not only undermines the integrity of Nigeria’s public service pay structure but also raises questions about the incentives and accountability mechanisms governing strategic public offices.

This controversy adds to ongoing discussions about public sector reform and the need for transparency in salary structures across government agencies.
The RMAFC has in the past expressed concern about similar disparities, promising to review pay scales to ensure fairness and equity across the civil service and political offices.