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Internal Auditor Average Salary in Nigeria 2022

How much money does an Internal Auditor make in Nigeria?


Average Monthly Salary
308,000 NGN
( 3,700,000 NGN yearly)

LOW
157,000
NGN
AVERAGE
308,000
NGN
HIGH
474,000
NGN

A person working as an Internal Auditor in Nigeria typically earns around 308,000 NGN per month. Salaries range from 157,000 NGN (lowest) to 474,000 NGN (highest).

This is the average monthly salary including housing, transport, and other benefits. Internal Auditor salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Internal Auditor Salary Distribution in Nigeria

Median and salary distribution monthly Nigeria Internal Auditor
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The median, the maximum, the minimum, and the range

  • Salary Range

    Internal Auditor salaries in Nigeria range from 157,000 NGN per month (minimum salary) to 474,000 NGN per month (maximum salary).

  • Median Salary

    The median salary is 302,000 NGN per month, which means that half (50%) of people working as Internal Auditor(s) are earning less than 302,000 NGN while the other half are earning more than 302,000 NGN. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Internal Auditor(s) are earning less than 207,000 NGN while 75% of them are earning more than 207,000 NGN. Also from the diagram, 75% of Internal Auditor(s) are earning less than 380,000 NGN while 25% are earning more than 380,000 NGN.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Internal Auditor Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Nigeria Internal Auditor
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Internal Auditor salaries by experience level and this is what we found.

An Internal Auditor with less than two years of experience makes approximately 176,000 NGN per month.

While someone with an experience level between two and five years is expected to earn 230,000 NGN per month, 31% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 322,000 NGN per month, 40% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Internal Auditor(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 387,000 NGN per month, 20% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 420,000 NGN per month, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 454,000 NGN per month, 8% more than people with fifteen to twenty years of experience.


Internal Auditor average salary change by experience in Nigeria

0 - 2 Years
176,000 NGN
2 - 5 Years+31%
230,000 NGN
5 - 10 Years+40%
322,000 NGN
10 - 15 Years+20%
387,000 NGN
15 - 20 Years+9%
420,000 NGN
20+ Years+8%
454,000 NGN
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Internal Auditor Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Internal Auditor(s) who have the same experience but different education levels.

Salary comparison by education level monthly Nigeria Internal Auditor
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Internal Auditor salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Internal Auditor is 202,000 NGN per month.

While someone with a Bachelor's Degree gets a salary of 303,000 NGN per month, 50% more than someone having a Certificate or Diploma degree.

A Master's Degree gets its holder an average salary of 449,000 NGN per month, 48% more than someone with a Bachelor's Degree.


Internal Auditor average salary difference by education level in Nigeria

Certificate or Diploma
202,000 NGN
Bachelor's Degree+50%
303,000 NGN
Master's Degree+48%
449,000 NGN
Percentage increase and decrease are relative to the previous value

Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Nigeria costs anywhere from 1,690,000 Naira(s) to 5,080,000 Naira(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Internal Auditor Salary Comparison By Gender

Salary comparison by gender monthly Nigeria Internal Auditor
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Internal Auditor employees in Nigeria earn 19% more than their female counterparts on average.

Male
336,000 NGN
Female-16%
283,000 NGN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Nigeria for all Careers

Salary comparison by gender monthly Nigeria
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Internal Auditor Average Annual Salary Increment Percentage in Nigeria

How much are annual salary increments in Nigeria for Internal Auditor(s)? How often do employees get salary raises?

Internal Auditor

Internal Auditor(s) in Nigeria are likely to observe a salary increase of approximately 11% every 19 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Nigeria Internal Auditor
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Nigeria / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Nigeria is 5%.

Annual Increment Rate By Industry 2021

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Listed above are the average annual increase rates for each industry in Nigeria for the year 2021. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Internal Auditor Bonus and Incentive Rates in Nigeria

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Nigeria Internal Auditor
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An Internal Auditor is considered to be a moderate bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

50% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 50% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
50%
No Bonus
50%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Internal Auditor Average Hourly Wage in Nigeria


1,780 NGN per hour

The average hourly wage (pay per hour) in Nigeria is 1,780 NGN. This means that the average Internal Auditor in Nigeria earns approximately 1,780 NGN for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Internal Auditor VS Other Jobs

Salary Comparison Between Internal Auditor and Accounting and Finance monthly Nigeria
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The average salary for Internal Auditor is 12% less than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner176,000 NGN-43%
Account Executive311,000 NGN+1%
Accountant238,000 NGN-23%
Accounting Assistant179,000 NGN-42%
Accounting Associate163,000 NGN-47%
Accounting Clerk143,000 NGN-54%
Accounting Coordinator211,000 NGN-32%
Accounting Manager504,000 NGN+64%
Accounting Supervisor317,000 NGN+3%
Accounting Technician168,000 NGN-45%
Accounts Executive314,000 NGN+2%
Accounts Payable and Receivable Specialist242,000 NGN-21%
Accounts Payable Clerk169,000 NGN-45%
Accounts Payable Manager476,000 NGN+55%
Accounts Receivable Clerk172,000 NGN-44%
Accounts Receivable Manager476,000 NGN+55%
Assistant Accounting Manager434,000 NGN+41%
Assistant Auditor238,000 NGN-23%
Audit Supervisor443,000 NGN+44%
Auditing Clerk191,000 NGN-38%
Auditing Manager471,000 NGN+53%
Billing Coordinator213,000 NGN-31%
Billing Specialist249,000 NGN-19%
Billing Supervisor373,000 NGN+21%
Bookkeeper154,000 NGN-50%
Bookkeeping Specialist229,000 NGN-26%
Budget Analyst386,000 NGN+25%
Budget Manager490,000 NGN+59%
Business Support Analyst269,000 NGN-13%
Capital Markets Associate371,000 NGN+20%
Cash Flow Analyst344,000 NGN+12%
Cash Management Officer266,000 NGN-14%
Cashbook Clerk166,000 NGN-46%
Chartered Accountant313,000 NGN+2%
Collections Clerk143,000 NGN-54%
Collections Specialist248,000 NGN-19%
Corporate Treasurer464,000 NGN+51%
Cost Accountant230,000 NGN-25%
Cost Accounting Manager463,000 NGN+50%
Cost Analyst393,000 NGN+28%
Credit and Collection Manager475,000 NGN+54%
Credit and Collection Staff177,000 NGN-43%
Credit and Loans Officer171,000 NGN-44%
Credit Controller326,000 NGN+6%
Debt Adviser389,000 NGN+26%
Debt Collector182,000 NGN-41%
Debtors Clerk158,000 NGN-49%
Deputy CFO662,000 NGN+110%
Derivative Trader394,000 NGN+28%
Escrow Assistant215,000 NGN-30%
External Auditor337,000 NGN+9%
Finance Associate196,000 NGN-36%
Finance Executive510,000 NGN+66%
Finance Licensing Clerk168,000 NGN-45%
Finance Licensing Manager470,000 NGN+53%
Finance Licensing Specialist256,000 NGN-17%
Finance Officer235,000 NGN-24%
Finance President684,000 NGN+120%
Finance Relationship Manager571,000 NGN+85%
Finance Release Analyst268,000 NGN-13%
Finance Team Leader 528,000 NGN+71%
Financial Actuary346,000 NGN+12%
Financial Administrator378,000 NGN+23%
Financial Analyst427,000 NGN+39%
Financial Applications Specialist287,000 NGN-7%
Financial Assistant196,000 NGN-36%
Financial Associate185,000 NGN-40%
Financial Claims Analyst318,000 NGN+3%
Financial Claims Manager402,000 NGN+30%
Financial Commercial Analyst352,000 NGN+14%
Financial Compliance Analyst391,000 NGN+27%
Financial Consultant328,000 NGN+6%
Financial Controller371,000 NGN+20%
Financial Coordinator218,000 NGN-29%
Financial Customer Service Manager439,000 NGN+43%
Financial Dealer and Broker267,000 NGN-13%
Financial Encoder203,000 NGN-34%
Financial Manager627,000 NGN+100%
Financial Operations Manager596,000 NGN+93%
Financial Policy Analyst362,000 NGN+18%
Financial Project Manager480,000 NGN+56%
Financial Quantitative Analyst419,000 NGN+36%
Financial Reporting Consultant331,000 NGN+7%
Financial Reporting Manager446,000 NGN+45%
Financial Services Sales Agent247,000 NGN-20%
Fixed Assets Administrator244,000 NGN-21%
Forensic Accountant288,000 NGN-7%
Fraud Detection Supervisor284,000 NGN-8%
Fraud Prevention Manager498,000 NGN+62%
Fund Accountant224,000 NGN-27%
Grants Coordinator168,000 NGN-45%
Internal Auditor308,000 NGN-0%
Internal Control Adviser363,000 NGN+18%
Internal Control Officer213,000 NGN-31%
Inventory Accountant256,000 NGN-17%
Investment Analyst471,000 NGN+53%
Investment Fund Manager536,000 NGN+74%
Investment Underwriter196,000 NGN-36%
Investor303,000 NGN-2%
Investor Relations Manager451,000 NGN+46%
KYC Team Leader451,000 NGN+46%
Management Economist523,000 NGN+70%
Paymaster196,000 NGN-36%
Payroll Clerk209,000 NGN-32%
Payroll Manager420,000 NGN+36%
Pensions Administrator238,000 NGN-23%
Pricing Analyst381,000 NGN+24%
Private Equity Analyst436,000 NGN+42%
Proposal Development Coordinator200,000 NGN-35%
Receivables Accountant214,000 NGN-31%
Regulatory Accountant259,000 NGN-16%
Retirement Plan Analyst368,000 NGN+19%
Revenue Management Specialist405,000 NGN+31%
Revenue Recognition Analyst419,000 NGN+36%
Risk Management Director546,000 NGN+77%
Risk Management Supervisor476,000 NGN+55%
Tax Accountant231,000 NGN-25%
Tax Advisor375,000 NGN+22%
Tax Associate199,000 NGN-35%
Tax Manager471,000 NGN+53%
Teller140,000 NGN-55%
Treasury Accountant246,000 NGN-20%
Treasury Analyst406,000 NGN+32%
Underwriter163,000 NGN-47%
Underwriting Assistant162,000 NGN-47%
Vice President of Finance632,000 NGN+110%

Salary Comparison By City

CityAverage Salary
Benin City287,000 NGN
Ibadan312,000 NGN
Kaduna299,000 NGN
Kano320,000 NGN
Lagos329,000 NGN

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Nigeria earn 6% more than their private sector counterparts on average across all sectors.

Private Sector
328,000 NGN
Public Sector+6%
347,000 NGN
Percentage increase and decrease are relative to the previous value

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