Governors in Nigeria are some of the most influential public office holders. Apart from their huge responsibilities in running their respective states, they also earn impressive salaries and allowances. Many Nigerians are curious about which governors are the highest paid and how their net worth compares.
In this detailed guide, we will discuss the top 10 highest paid governors in Nigeria and their net worth, their monthly salaries, allowances, benefits, and the major sources of their wealth. This article will also address related search queries and FAQs to give you a full understanding of the earnings of Nigerian governors.
Governor's Salary Structure in Nigeria
Before listing the top 10, it is important to understand how the salary structure for governors in Nigeria is determined.
Who determines governor's salaries in Nigeria?
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is the body responsible for fixing the remuneration of all political office holders, including governors.
Breakdown of governor's monthly salary
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Basic salary: ₦2,223,705 annually (about ₦185,308 per month)
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Allowances: 400% of annual basic salary for accommodation, furniture, domestic staff, entertainment, medical expenses, etc.
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Severance gratuity: 300% of annual basic salary at the end of tenure
Additional benefits
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Security votes (huge, often undisclosed)
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Constituency projects and state investments
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Luxury vehicles and official residences
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Travel allowances
The allowances and security votes often make their total earnings much higher than their official basic salary.
Top 10 Highest Paid Governors in Nigeria and Their Net Worth
This list is based on their official remuneration, allowances, and personal net worth as influential politicians and businessmen.
1. Babajide Sanwo-Olu – Lagos State
Babajide Sanwo-Olu, the governor of Lagos State, is the highest paid governor in Nigeria. Lagos is the commercial capital of the country and generates the highest internally generated revenue (IGR).
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Official salary: Over ₦2.3 million monthly including allowances
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Security votes: Estimated at over ₦500 million monthly
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Net worth: ₦12 billion
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Sources of wealth: Business investments, real estate holdings, state perks
Sanwo-Olu’s administration controls the largest state budget in Nigeria, which is a key reason why he ranks number one on this list.
2. Nyesom Wike – FCT Minister & Former Rivers State Governor
Although now the Minister of the Federal Capital Territory (FCT), Wike still remains one of the richest governors in recent years.
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Official salary as governor: ₦2.1 million monthly
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Security votes: Over ₦600 million monthly during tenure
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Net worth: ₦10 billion
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Sources of wealth: Law practice, investments, political influence
Rivers State is one of Nigeria’s oil-rich states, which provided Wike significant financial resources as governor.
3. Umo Eno – Akwa Ibom State
Governor Umo Eno is another top earner among Nigerian governors.
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Official salary: ₦2 million monthly
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Security votes: Estimated at ₦500 million monthly
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Net worth: ₦9 billion
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Sources of wealth: Hospitality business, real estate investments
Akwa Ibom State’s oil wealth contributes greatly to its governor’s financial standing.
4. Abdullahi Sule – Nasarawa State
Governor Abdullahi Sule has a business background in the oil and gas industry, which significantly boosts his net worth.
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Official salary: ₦1.9 million monthly
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Security votes: Estimated at ₦400 million monthly
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Net worth: ₦8.5 billion
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Sources of wealth: Private sector investments, oil and gas business
5. Godwin Obaseki – Edo State
Godwin Obaseki, governor of Edo State, is another wealthy Nigerian governor.
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Official salary: ₦1.9 million monthly
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Security votes: Estimated at ₦400 million monthly
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Net worth: ₦8 billion
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Sources of wealth: Stockbroking business, investments, real estate
6. Charles Soludo – Anambra State
Professor Charles Soludo is the governor of Anambra State and a former CBN Governor.
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Official salary: ₦1.8 million monthly
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Security votes: ₦400 million monthly
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Net worth: ₦7.8 billion
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Sources of wealth: Academia, CBN tenure, consultancy, investments
7. Seyi Makinde – Oyo State
Seyi Makinde is one of the wealthiest governors in Nigeria thanks to his successful career as an engineer and oil magnate.
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Official salary: ₦1.8 million monthly
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Security votes: ₦400 million monthly
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Net worth: ₦7.5 billion
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Sources of wealth: Oil and gas business, engineering firm, real estate
8. Hope Uzodinma – Imo State
Governor Hope Uzodinma of Imo State is a businessman-turned-politician.
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Official salary: ₦1.8 million monthly
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Security votes: ₦350 million monthly
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Net worth: ₦7 billion
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Sources of wealth: Oil and shipping businesses, political appointments
9. Abdulrahman Abdulrazaq – Kwara State
Governor Abdulrazaq is also one of the top earners among Nigerian governors.
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Official salary: ₦1.7 million monthly
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Security votes: ₦300 million monthly
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Net worth: ₦6.5 billion
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Sources of wealth: Oil business, investments, family inheritance
10. Dapo Abiodun – Ogun State
Dapo Abiodun of Ogun State completes this list of the highest paid governors.
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Official salary: ₦1.7 million monthly
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Security votes: ₦300 million monthly
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Net worth: ₦6 billion
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Sources of wealth: Oil and gas investments, real estate
Summary Table: Top 10 Highest Paid Governors in Nigeria and Their Net Worth
| Rank | Governor | State | Monthly Salary (₦) | Estimated Net Worth (₦) |
|---|---|---|---|---|
| 1 | Babajide Sanwo-Olu | Lagos | 2.3M+ | 12B |
| 2 | Nyesom Wike | Rivers (Fmr) | 2.1M+ | 10B |
| 3 | Umo Eno | Akwa Ibom | 2M+ | 9B |
| 4 | Abdullahi Sule | Nasarawa | 1.9M+ | 8.5B |
| 5 | Godwin Obaseki | Edo | 1.9M+ | 8B |
| 6 | Charles Soludo | Anambra | 1.8M+ | 7.8B |
| 7 | Seyi Makinde | Oyo | 1.8M+ | 7.5B |
| 8 | Hope Uzodinma | Imo | 1.8M+ | 7B |
| 9 | Abdulrahman Abdulrazaq | Kwara | 1.7M+ | 6.5B |
| 10 | Dapo Abiodun | Ogun | 1.7M+ | 6B |
Factors That Influence Governors' Salaries and Net Worth
1. State Internally Generated Revenue (IGR)
Governors from states with high IGR, like Lagos and Rivers, tend to have more allowances and bigger security votes.
2. Oil and Natural Resources
Oil-producing states generate more funds, indirectly boosting the financial strength of their governors.
3. Political Influence
Governors with strong influence in national politics often get access to more opportunities and investments.
4. Business Background
Many governors have thriving businesses before entering politics, which increases their overall net worth.
Other Benefits Governors Enjoy Apart from Salaries
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Official residences and offices
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State-funded vehicles with drivers
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Travel allowances and estacodes for foreign trips
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Pension benefits after office
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Retirement perks like houses, cars, and domestic staff
These benefits further elevate the lifestyle and financial standing of Nigerian governors.
Frequently Asked Questions (FAQs)
1. Who is the highest paid governor in Nigeria?
Babajide Sanwo-Olu of Lagos State is currently the highest paid governor in Nigeria because Lagos has the largest revenue and highest allowances for governors.
2. How much is a Nigerian governor's basic salary?
A Nigerian governor’s official basic salary is about ₦185,308 per month. However, allowances and security votes make their total earnings much higher.
3. Do governors get security votes?
Yes, governors receive huge security votes every month, often running into hundreds of millions of naira.
4. Which state pays the lowest salary to governors?
Governors from states with lower internally generated revenue, like Yobe and Ekiti, usually have the least allowances.
5. Do governors still receive salaries after leaving office?
Some states pay former governors pensions and retirement benefits, including houses and vehicles.
6. What is the net worth of the average Nigerian governor?
Most Nigerian governors have a net worth ranging from ₦5 billion to ₦12 billion depending on their state and personal investments.
7. Can a governor earn from personal businesses while in office?
Yes, but they are expected to declare assets and avoid conflicts of interest.
8. Why are security votes not accounted for?
Security votes are considered confidential and are not subject to public audit, making them controversial.
Conclusion
Governors in Nigeria are among the highest paid public officials in the country. Apart from their official salaries, the numerous allowances, security votes, and retirement perks make the position highly lucrative.
The top 10 highest paid governors in Nigeria and their net worth shows that the financial power of a governor is often tied to the wealth of the state they govern, their political influence, and personal businesses.