CORPORATE BODIES (MEMBERS' EMOLUMENTS) ACT

An Act regulates the payments of salaries, fees, and allowances to members of governing boards and councils of statutory corporations in Nigeria. It targets board members of federal statutory bodies and the Federal Government as the appointing authority. This standardises emoluments to prevent excessive payments and ensure prudent use of public resources.

What Is This Policy?

An Act regulating the payments of emoluments (salaries, fees, and allowances) to members of governing boards and councils of statutory corporations in Nigeria.

Who Does It Target?

Board members and council members of federal statutory corporations Federal Government as the appointing authority Ministry of Finance administering emolument schedules Heads of statutory corporations

What Does It Aim to Achieve?

Control and standardise the emoluments paid to board and council members of federal corporations to prevent excessive payments and ensure public resources are used prudently.

Key Features

Emolument Caps: Sets maximum emoluments payable to board members of different categories of statutory corporations. Presidential Approval: Changes to emolument schedules require presidential approval. Scope: Covers all statutory corporations and government-owned companies receiving public funding. Transparency: Emoluments paid to board members must be disclosed in annual reports.

Current Status

Rollout Stage: Active Coverage: All federal statutory corporations Beneficiaries: Nigerian taxpayers through controlled public spending Funding: Federal Government

How to Access

Board members receive emoluments in accordance with the approved schedule Corporations may not pay above the approved scale without presidential authority Application method: Apply to the Presidency for emolument schedule revision through the relevant supervising ministry.

Important Terms

Payments above the approved schedule are unlawful regardless of board approval Emoluments are exclusive of approved work-related expenses Public disclosure of board emoluments is required for transparency

Official Resources

Website: https://www.finance.gov.ng Contact: Federal Ministry of Finance

Legal Framework

Enacted under the legislative powers of the National Assembly as the Corporate Bodies (Members' Emoluments) Act (Cap C30 LFN 2004). Operates alongside the Companies and Allied Matters Act (CAMA) 2020, the Fiscal Responsibility Act 2007, and the Revenue Mobilisation, Allocation and Fiscal Commission Act. Remuneration determinations align with the RMAFC guidelines on remuneration packages for boards of federal statutory bodies.