This is a very generous farewell gift!
President Goodluck Jonathan, Vice-president Namadi Sambo, and other non-returning presidential aides, ministers, and federal lawmakers will collect N3.24 billion as severance allowances, Punch reports.
The report further states:
The severance allowances are contained in the Remuneration Package put together by the Revenue Mobilisation, Allocation and Fiscal Commission.
According to the package, Jonathan, who will hand over to the President-elect, Muhammadu Buhari, on May 29, is entitled to 300 per cent of his annual basic salary.
The President’s annual basic salary is put at N3, 514,705 and therefore his severance allowance will be N10, 544,115 after May 29.
The severance allowance is without prejudice to his other constitutional entitlements as a former head of government.
Similarly, Vice-President Sambo, who leaves office the same day as Jonathan, is also entitled to 300 per cent of his annual basic salary put at N3, 031,572.50. This means that his severance allowance after May 29 is N9, 094,717.50.
For having held the office of vice- president, Sambo also has some constitutional entitlements and perks.
About 76 senators are not returning to the National Assembly either because they did not stand for election or because they lost their bids to return. They are however entitled to N462,019,200 at the expiration of their tenure on June 5.