According to federal government schedule of remuneration for ministers, the report stated that Obanikoro, alongside other Nigerian ministers earn far ahead of N4 million as annual salary and allowances.
It was reported that the lowest amount a minister could take home is N6.59 million per annum and the upper limit may hit as high as N12.97 million or more.
It was gathered that the rates which ministers earn include a basic salary, and allowances for accommodation, motor vehicle fuelling and maintenance, entertainment, utility and newspaper/periodicals. While the upper limit reflects payment for furniture and an official car.
The former Nigerian ambassador in Ghana, while he ridiculing Lagos State government's claim of constructing low-cost houses for residents on Channels Television's breakfast programme, Sunrise Daily, said that his basic salary as minister is N2 million, and N4million if allowances are included.
Obanikoro, who joined the cabinet less than two months ago, said the claim is deceptive as the buildings were being sold by the Lagos authorities for N16 million per two-bedroom apartment, and as such cannot be categorized as "low-cost".
The claims do not conform to rates provided by the Revenues Mobilization, Allocation and Fiscal Commission, RMAFC, the government body responsible for specifying the earnings of political office holders and judicial workers.
Under the 2008 Remuneration Act, ministers are classified alongside the Secretary to the Government of the Federation, the Head of Service and Chairpersons of statutory bodies such as INEC and National Human Rights Commission.
Though officials receive N2.026 million as basic annual salaries, If the payment is based on the new proposal by RMFAC, then with car and furniture, the minister's earning could rise as high as N8.6 million.
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