Budget Analyst Average Salary in Nigeria 2023
How much money does a person working as Budget Analyst make in Nigeria?
LOW
208,000
NGN AVERAGE
386,000
NGN HIGH
582,000
NGN
A person working as Budget Analyst in Nigeria typically earns around 386,000 NGN per month. Salaries range from 208,000 NGN (lowest) to 582,000 NGN (highest).
This is the average monthly salary including housing, transport, and other benefits. Budget Analyst salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Budget Analyst Pay Scale and Salaries in Nigeria
Salary Structure and Pay Scale Comparison
343,000 NGN or more
308,000 to 343,000 NGN
229,000 NGN or less
229,000 to 308,000 NGN
 208,000 NGN |
345,000 NGN |
582,000 NGN |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Budget Analyst salaries in Nigeria range from 208,000 NGN per month (starting salary) to 582,000 NGN per month (maximum salary). This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country.
Median Salary
The median salary is 345,000 NGN per month, which means that half (50%) of people working as Budget Analyst(s) are earning less than 345,000 NGN while the other half are earning more than 345,000 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 and Salary Scale
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Budget Analyst(s) are earning less than 288,000 NGN while 75% of them are earning more than 288,000 NGN. Also from the diagram, 75% of Budget Analyst(s) are earning less than 389,000 NGN while 25% are earning more than 389,000 NGN.
Pay Scale Structure
We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect. This method is more accurate than just the average salary and gives more insights on how salaries are actually distributed. Around 65% of all reported figures are in the range 229,000 NGN to 308,000 NGN. Approximatly 20% fall under the 229,000 NGN cap. Ten percent of wages are from 308,000 NGN to 343,000 NGN. Only 5% of people grossed 343,000 NGN or more.
Budget Analyst Salary Comparison by Years of Experience
How does experience and age affect your pay?
Budget Analyst average salary change by experience in Nigeria
| 0 - 2 Years | 242,000 NGN | |
| 2 - 5 Years | +26% | 305,000 NGN |
| 5 - 10 Years | +32% | 403,000 NGN |
| 10 - 15 Years | +18% | 474,000 NGN |
| 15 - 20 Years | +11% | 524,000 NGN |
| 20+ Years | +6% | 558,000 NGN |
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 Budget Analyst salaries by experience level and this is what we found.
Employees with less than two years of experience makes approximately 242,000 NGN per month.
While someone with an experience level between two and five years is expected to earn 305,000 NGN per month, 26% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 403,000 NGN per month, 32% more than someone with two to five years of experience.
Additionally, Budget Analyst whose expertise span anywhere between ten and fifteen years get a salary equivalent to 474,000 NGN per month, 18% 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 524,000 NGN per month, 11% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 558,000 NGN per month, 6% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Budget Analyst Salary Comparison By Education
How do education levels affect salaries?
Displayed below is the average salary difference between different Budget Analyst(s) who have the same experience but different education levels.
Budget Analyst average salary difference by education level in Nigeria
| High School | 294,000 NGN | |
| Certificate or Diploma | +13% | 332,000 NGN |
| Bachelor's Degree | +32% | 436,000 NGN |
| Master's Degree | +24% | 541,000 NGN |
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 Budget Analyst salaries by education level in order to make a comparison.
When the education level is High School, the average salary is 294,000 NGN per month.
While someone with a Certificate or Diploma gets a salary of 332,000 NGN per month, 13% more than someone having a High School degree.
People with Bachelor's Degree have an average salary of 436,000 NGN per month, 32% more than someone with a Certificate or Diploma.
Professionals who hold a Master's Degree are rewarded with an average salary of 541,000 NGN per month, 24% more than someone with Bachelor's Degree.
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 and Compensation Comparison By Gender - Budget Analyst
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Budget Analyst employees in Nigeria earn 10% more than their female counterparts on average.
| Male | 400,000 NGN | |
| Female | -9% | 364,000 NGN |
Salary Comparison By Gender in Nigeria for all Careers
Budget Analyst Average Annual Salary Increment Percentage in Nigeria
How much are annual salary increments in Nigeria for Budget Analyst(s)? How often do employees get salary raises?
Budget Analyst
Budget Analyst(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.
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
Annual Increment Rate By Industry 2022
| 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 2022. 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
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Budget Analyst Bonus and Incentive Rates in Nigeria
How much and how often are bonuses being awarded?
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"Budget Analyst" is considered to be a high bonus-based job. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
27% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 73% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.
| Received Bonus | 73% | |
| No Bonus | 27% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 Generators | Supporting 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: | Example: |
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.
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.
Budget Analyst Salary Trend and Forecast in Nigeria
How are Budget Analyst salaries changing over time? Listed below is a chart that shows the average salary in recent years.
| Average Salary 2019 | 351,000 NGN | |
| Average Salary 2020 | +2% | 358,000 NGN |
| Average Salary 2021 | +2% | 366,000 NGN |
| Average Salary 2022 | +3% | 375,000 NGN |
Budget Analyst salaries in Nigeria are on the rise in the year 2023 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2022 are 3% higher than those of 2021. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from industry to another.
Budget Analyst Average Hourly Wage in Nigeria
2,220 NGN per hourThe average hourly wage (pay per hour) in Nigeria is 2,220 NGN. This means that the average Budget Analyst in Nigeria earns approximately 2,220 NGN for every worked hour.
About The Hourly Pay Rate
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.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for 'Budget Analyst' in Nigeria is 1,200 NGN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Budget Analyst VS Other Jobs
The average salary for Budget Analyst is 11% more 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 Title | Average Salary |
| Account Examiner | 176,000 NGN |  -54% |
| Account Executive | 311,000 NGN | -19% |
| Accountant | 238,000 NGN | -38% |
| Accounting Assistant | 179,000 NGN | -54% |
| Accounting Associate | 163,000 NGN | -58% |
| Accounting Clerk | 143,000 NGN | -63% |
| Accounting Coordinator | 211,000 NGN | -45% |
| Accounting Manager | 504,000 NGN |  +31% |
| Accounting Supervisor | 317,000 NGN | -18% |
| Accounting Technician | 168,000 NGN | -56% |
| Accounts Executive | 314,000 NGN | -19% |
| Accounts Payable and Receivable Specialist | 242,000 NGN | -37% |
| Accounts Payable Clerk | 169,000 NGN | -56% |
| Accounts Payable Manager | 476,000 NGN | +23% |
| Accounts Receivable Clerk | 172,000 NGN | -55% |
| Accounts Receivable Manager | 476,000 NGN | +23% |
| Assistant Accounting Manager | 434,000 NGN | +13% |
| Assistant Auditor | 238,000 NGN | -38% |
| Audit Supervisor | 443,000 NGN | +15% |
| Auditing Clerk | 191,000 NGN | -50% |
| Auditing Manager | 471,000 NGN | +22% |
| Billing Coordinator | 213,000 NGN | -45% |
| Billing Specialist | 249,000 NGN | -35% |
| Billing Supervisor | 373,000 NGN | -3% |
| Bookkeeper | 154,000 NGN | -60% |
| Bookkeeping Specialist | 229,000 NGN | -41% |
| Budget Analyst | 386,000 NGN | +0% |
| Budget Manager | 490,000 NGN | +27% |
| Business Support Analyst | 269,000 NGN | -30% |
| Capital Markets Associate | 371,000 NGN | -4% |
| Cash Flow Analyst | 344,000 NGN | -11% |
| Cash Management Officer | 266,000 NGN | -31% |
| Cashbook Clerk | 166,000 NGN | -57% |
| Chartered Accountant | 313,000 NGN | -19% |
| Collections Clerk | 143,000 NGN | -63% |
| Collections Specialist | 248,000 NGN | -36% |
| Corporate Treasurer | 464,000 NGN | +20% |
| Cost Accountant | 230,000 NGN | -40% |
| Cost Accounting Manager | 463,000 NGN | +20% |
| Cost Analyst | 393,000 NGN | +2% |
| Credit and Collection Manager | 475,000 NGN | +23% |
| Credit and Collection Staff | 177,000 NGN | -54% |
| Credit and Loans Officer | 171,000 NGN | -56% |
| Credit Controller | 326,000 NGN | -15% |
| Debt Adviser | 389,000 NGN | +1% |
| Debt Collector | 182,000 NGN | -53% |
| Debtors Clerk | 158,000 NGN | -59% |
| Deputy CFO | 662,000 NGN | +72% |
| Derivative Trader | 394,000 NGN | +2% |
| Escrow Assistant | 215,000 NGN | -44% |
| External Auditor | 337,000 NGN | -13% |
| Finance Associate | 196,000 NGN | -49% |
| Finance Executive | 510,000 NGN | +32% |
| Finance Licensing Clerk | 168,000 NGN | -56% |
| Finance Licensing Manager | 470,000 NGN | +22% |
| Finance Licensing Specialist | 256,000 NGN | -34% |
| Finance Officer | 235,000 NGN | -39% |
| Finance President | 684,000 NGN | +77% |
| Finance Relationship Manager | 571,000 NGN | +48% |
| Finance Release Analyst | 268,000 NGN | -30% |
| Finance Team Leader | 528,000 NGN | +37% |
| Financial Actuary | 346,000 NGN | -10% |
| Financial Administrator | 378,000 NGN | -2% |
| Financial Analyst | 427,000 NGN | +11% |
| Financial Applications Specialist | 287,000 NGN | -26% |
| Financial Assistant | 196,000 NGN | -49% |
| Financial Associate | 185,000 NGN | -52% |
| Financial Claims Analyst | 318,000 NGN | -18% |
| Financial Claims Manager | 402,000 NGN | +4% |
| Financial Commercial Analyst | 352,000 NGN | -9% |
| Financial Compliance Analyst | 391,000 NGN | +1% |
| Financial Consultant | 328,000 NGN | -15% |
| Financial Controller | 371,000 NGN | -4% |
| Financial Coordinator | 218,000 NGN | -43% |
| Financial Customer Service Manager | 439,000 NGN | +14% |
| Financial Dealer and Broker | 267,000 NGN | -31% |
| Financial Encoder | 203,000 NGN | -47% |
| Financial Manager | 631,000 NGN | +64% |
| Financial Operations Manager | 596,000 NGN | +55% |
| Financial Policy Analyst | 362,000 NGN | -6% |
| Financial Project Manager | 480,000 NGN | +24% |
| Financial Quantitative Analyst | 419,000 NGN | +9% |
| Financial Reporting Consultant | 331,000 NGN | -14% |
| Financial Reporting Manager | 446,000 NGN | +16% |
| Financial Services Sales Agent | 247,000 NGN | -36% |
| Fixed Assets Administrator | 244,000 NGN | -37% |
| Forensic Accountant | 288,000 NGN | -25% |
| Fraud Detection Supervisor | 284,000 NGN | -26% |
| Fraud Prevention Manager | 498,000 NGN | +29% |
| Fund Accountant | 224,000 NGN | -42% |
| Grants Coordinator | 168,000 NGN | -56% |
| Internal Auditor | 308,000 NGN | -20% |
| Internal Control Adviser | 363,000 NGN | -6% |
| Internal Control Officer | 213,000 NGN | -45% |
| Inventory Accountant | 256,000 NGN | -34% |
| Investment Analyst | 471,000 NGN | +22% |
| Investment Fund Manager | 536,000 NGN | +39% |
| Investment Underwriter | 196,000 NGN | -49% |
| Investor | 303,000 NGN | -21% |
| Investor Relations Manager | 451,000 NGN | +17% |
| KYC Team Leader | 451,000 NGN | +17% |
| Management Economist | 523,000 NGN | +36% |
| Paymaster | 196,000 NGN | -49% |
| Payroll Clerk | 209,000 NGN | -46% |
| Payroll Manager | 420,000 NGN | +9% |
| Pensions Administrator | 238,000 NGN | -38% |
| Pricing Analyst | 381,000 NGN | -1% |
| Private Equity Analyst | 436,000 NGN | +13% |
| Proposal Development Coordinator | 200,000 NGN | -48% |
| Receivables Accountant | 214,000 NGN | -44% |
| Regulatory Accountant | 259,000 NGN | -33% |
| Retirement Plan Analyst | 368,000 NGN | -5% |
| Revenue Management Specialist | 405,000 NGN | +5% |
| Revenue Recognition Analyst | 419,000 NGN | +9% |
| Risk Management Director | 546,000 NGN | +42% |
| Risk Management Supervisor | 476,000 NGN | +23% |
| Tax Accountant | 231,000 NGN | -40% |
| Tax Advisor | 375,000 NGN | -3% |
| Tax Associate | 199,000 NGN | -48% |
| Tax Manager | 471,000 NGN | +22% |
| Teller | 140,000 NGN | -64% |
| Treasury Accountant | 246,000 NGN | -36% |
| Treasury Analyst | 406,000 NGN | +5% |
| Underwriter | 163,000 NGN | -58% |
| Underwriting Assistant | 162,000 NGN | -58% |
| Vice President of Finance | 632,000 NGN | +64% |
Salary Comparison By City
| City | Average Salary |
| Benin City | 374,000 NGN |
| Ibadan | 404,000 NGN |
| Kaduna | 387,000 NGN |
| Kano | 412,000 NGN |
| Lagos | 423,000 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 |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for Budget Analyst in Nigeria?
A good and competitive compensation would range anywhere between 345,000 NGN and 389,000 NGN. This is a very rough estimate and your experience and education will play a very huge part into your final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salart after tax for every career.
Base / Basic Salary
The base salary for Budget Analyst in Nigeria is ranges from 288,000 NGN to 389,000 NGN. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range in a grain of salt.
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
