Are you looking for which federal government agencies or job in Nigeria pay the highest salary? This post covers it all plus the monthly figures you will earn in the federal civil service.
In the 70s, 80s and 90s many young graduates refused to work in government parastatals. They believed that the pay package in these government agencies were poor. This brought about a multiplicity of job openings in those agencies.
Today, the trend has reversed, this is because the increase in the number of universities has brought about a resultant increase in the number of graduates. This has in turn increased the unemployment rate in the country.
Sequel to this, the employment opportunities in the federal government agencies have drastically reduced. It is now very difficult to gain employment into these organisations. The pay package in the federal parastatal is now very juicy. They rank among the highest paying jobs around.
In addition to this, having a regular stream of income and earning pension at old age is very appealing. Just like in the Private sector, the pay package in the federal agencies depends on the sector. As usual, the oil and gas, health, maritime and banking sectors are at the top of the pecking order in terms of the take home salaries.
Most at times, people go searching for employment opportunities in the private sector because of the attractive pay package. In reality, some of the top several government parastatals that pay quite well are hard to gain meaningful jobs especially when you don’t have connections.
Parastatals likes Nigerian National Petroleum Corporation, Central Bank of Nigeria, Bank of Industry, Federal Inland Revenue Service, Safety Agency and Nigerian Maritime Administration are just some whose take home pay is on the high side.
In this article, we shall highlight the highest paying federal government agencies (parastatals) and their average monthly pay package.
#1. Nigerian National Petroleum Company (NNPC)
The NNPC is the agency that pays highest and manages the federal government’s oil and gas dealings within and outside the country. They are the platform for joint venture between the FG and the multinational companies like ExxonMobil, chevron, Agip, Schlumberger, etc.
The Nigerian National Petroleum Corporation (NNPC) was founded on the1st of April 1977 after the successful merger between these two bodies, the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel.
NNPC are mostly involved in managing and regulating the joint venture between foreign multinational corporations and the Federal Government of Nigeria. Some of these oil companies include Royal Dutch Shell, ExxonMobil, Agip, , and Texaco, Total S.A and Chevron.
Saddled with the regulation of the upstream and downstream sectors, they act as a supervisory body in accordance to the law on behalf of the Nigerian Government when it comes to the oil industry.
The headquarters of the NNPC is located at the NNPC Towers in Abuja (FCT) with an international office in London. Although they have zonal offices other major states and cities of the country (Lagos, Kaduna, Port Harcourt and Warri), they are one of the best places to work in Nigeria that pays their staff in Dollars (USD).
At NNPC, interns earn between ₦18,000 to ₦30,000 while entry-level staff earn between ₦180,000 and ₦350,000. Also, for experienced hires and managerial positions, the salary is between ₦500,000 and ₦1,000,0000
It is reported that NNPC is the highest government paid parastatal in Nigeria whose staff goes home with the highest pay package in the country. The salary earned depends on the portfolios. Listed below are the average monthly salaries:
- Interns – ₦31,000 to ₦50,000
- Entry level salary – ₦180,000 to ₦350,000
- Sales manager – ₦300,000 to ₦450,000
- Economist – ₦350,000 to ₦500,000
- Managers – ₦500,000 to ₦1,000,0000
#2. Bank of Industry (BOI)
Bank of Industry Limited or BOI is the largest Development Finance Institution (DFI) operating in Nigeria currently. The bank has ownership of three entities namely; the Ministry of Finance Incorporated (MOFI) Nigeria which has over 94.80% stake, the Central Bank of Nigeria (CBN) having 5.19% stake and private shareholders with 0.01% stake.
BOI is a major parastatal under the Federal Ministry of Industry, Trade and Investment, providing monetary assistance to organizations and entrepreneurs for establishing large, medium and small scale projects whilst expanding and diversifying modern enterprises.
The bank’s objective on financing industrial projects in important sectors of the economy ensures that it promotes youth entrepreneurship, businesses and other projects for the benefit of Nigeria. BOI has a strong rating as one of the few federal government agencies that pay well in Nigeria.
The Bank of Industry are one of the highest paid government owned parastatals in the country. The bank released it annual report in 2016 where in its payroll, over 335 employees were paid their salaries. The average salary per employee is slated at ₦20 million yearly, which is one of the highest in the financial sector for a government-owned entity.
A breakdown of their staff salary also reveals the average monthly salary of some BOI staff we got:
- Analyst – ₦350,000
- Banking officer – ₦570,000
#3. Central Bank of Nigeria (CBN)
The central Bank of Nigeria is one of the top 5 highest paying federal government parastatals. Activities of the CBN is usually kept secret, but nothing is hidden in this technological era.
In Nigeria, the CBN is ranked as the apex monetary authority in the country, saddled with the responsibility of maintaining the external reserves of the country, serving financial adviser to the Federal Government as well as promoting monetary stability and a sound financial environment for the economy.
The central Bank of Nigeria was established by the CBN Act of 1958 but began operations by July 1st, 1959. Gradually, the bank has helped maintain a steady capital reserve for commercial banks operating in Nigeria so as to be financial credible to the banking demands of Nigerians.
At the CBN, entry-level staff earns ₦122, 000 monthly depending on your department or unit assigned. Even though the figure isn’t on the high like other agencies, it is however compensated for in allowances and bonuses given to their employers.
See Average Monthly salary structure of some CBN staff:
- Trainee – ₦50,000
- Entry level staff – ₦120,000
- Loan officer – ₦573,000
- Credit Analyst – ₦647,000
- Branch manager – ₦732,000
#4. Nigerian Maritime Administration and Safety Agency (NIMASA)
This is another high paying firm. The staff here carts home decent pay monthly. NIMASA jobs has a very special salary scale.
NIMASA was founded in 2006 and are responsible for regulating the Nigerian shipping industry, the maritime labor and the coastal waters with the Nigerian Navy.
NIMASA staff are also involved with inspections and provides search and rescue services alongside the Navy.
An entry-level staff at NIMASA earns about ₦200,000 to ₦240,000 monthly as salary. The only problem is getting a job within the agency.
#5. Nigerian Ports Authority (NPA)
In consonant with the current trend of salary structure in the maritime sector, the NPA staff also enjoys juicy take home pay. Below are some of the monthly remuneration in NPA:
- Counselors – ₦180,000 to ₦200,000 monthly
- Deck Cadet – ₦250,000 to ₦300,000 monthly
- HSE officers – ₦300,000 to ₦400,000 monthly
- Control & instrumentation engineers. – ₦450,000 to ₦600,000 monthly
I hope the above information have widened your ideas about the pay packages of some of the highest paying Federal government agencies.