The newly inaugurated members of the Senate and House of Representatives would have pocketed N273.64bn as allowances by the time their tenure ends in June 2023.
The calculation excludes the principal officers of the 9th National Assembly, as their payments are calculated differently from what other members of the National Assembly get.
In an analysis conducted by ThePunch, each Senator would get as much as N728.25m in emolument for the four years they would spend in the red chambers.
This means that the 107 senators, excluding the President of the Senate and his deputy, will get N77.92bn in four years.
On the other hand, each member of the House of Representatives will get as much as N546.7m in four years. This means that 358 members (excluding the Speaker and Deputy Speaker) of the green chamber will get N195.72bn within the four-year tenure.
In specifics, each senator gets N648m from the overhead payment, at the rate N13.5m a month.
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From salaries and regular allowances, a senator is entitled to N51, 065,280 in four years at the rate of N1, 063,860 a month.
For the members of the House of Representatives, each person gets N480m from overhead payment at the rate of N10m a month.
From salaries and regular allowances, a Rep is entitled to N38, 116,152.24 in four years at the rate of N9, 529,038.06 per annum or N794,086.83 a month.
The National Assembly has long shrouded in secrecy what the principal officers actually get as overhead payment.
This is because the chambers have different arrangements from the prescription of Revenue Mobilisation Allocation and Fiscal Commission.
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