President Muhammadu Buhari and Vice President Yemi Osinbajo have decided to slash their salaries by 50 per cent, according to a statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu.

“I write to forward the completed IPPIS registration form of Mr. President and to draw your kind attention to Mr. President’s directive that only 50% of his salary be paid to him,” the presidential spokesman quoted Emodi as writing in the letter with reference number PRES/81/SGF/17.  

The President’s current annual remuneration as approved by RMAFC is put at N14,058,820.00.

With this development, Buhari will earn N7m per year throughout his four-year tenure.

Shehu said Osinbajo had similarly given up half of his official remuneration.

He however did not disclose the reason behind the decision in his statement.

“That voluntary action of the President is pregnant with meaning," Shehu continued, adding that it was "a message of sacrifice for national development.

“Since the President has done this for himself, he is expecting that others will join him in making sacrifices for their fatherland.” he added.