According to a report by The PUNCH, the country could spend up to N63.45 billion on severance payments for the President, Major General Muhammadu Buhari (ret. ), Vice President Yemi Osinbajo, state governors, and other political appointees leaving office in 2023.
The sum includes special advisers’ severance pay as well as the severance pay for ministers, commissioners, National Assembly members, state assembly members, and commissioners. However, it excludes personal assistants.
According to a breakdown of the package, the federal government would provide N3.39 billion, while the states would contribute N60.06 billion.
The recipients’ package was put together using information from a document that was downloaded from the Revenue Mobilization and Fiscal Allocation Commission’s website.
The severance allowance, however, is distinct from other financial packages that some political office holders may have in place as retirement benefits or pensions.
Political office holders were entitled to severance compensation equal to 30% of their annual salary, as determined by RMAFAC.
Some former governors will also receive 100% of their annual basic wage for the rest of their lives.
They would also receive free medical treatment, a residence anywhere in the nation, new automobiles every three years, a furniture allowance, and a car maintenance allowance.
Along with additional benefits like lifelong access to police officers and Department of State Services employees, they are also entitled to cooks, stewards, gardeners, and other domestic workers.
In the 2023 fiscal year, a total of N13.81 billion was proposed for the payment of pensions to former presidents, vice presidents, heads of state, chiefs of general staff, retired heads of service, permanent secretaries, as well as retired heads of governmental agencies and parastatals, the put report stated.
Former presidents Olusegun Obasanjo and Goodluck Jonathan, vice presidents Atiku Abubakar and Namadi Sambo, and others are among the beneficiaries.
General Ibrahim Babangida, a former dictator and self-styled military leader, as well as former Chief of General Staff Commodore Ebitu Ukiwe and ex-military Heads of State General Yakubu Gowon and General Abdusalami Abubakar are also anticipated to profit from the windfall (retd.)
The President will get N10.54 million in severance pay, or 300 per cent of his yearly base salary, as required by RMAFAC, and Vice President Osinbajo would earn N9.09 million.
The expected compensation for the eight special advisers in the Presidency is N5.83 million ($46.64 million).
There are 44 ministers under Buhari, consisting of 27 federal ministers and 17 ministers of state.
While each minister is entitled to N6.08m, each minister of state is entitled to N5.87m. In total, they would get N258.08m, with ministers getting N164.16m and ministers of states receiving N93.92m.
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Source: Punchng
