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2021 Budget: FG To Spend N7.8bn On Former Presidents, Ex-VPs

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2021 Budget: FG To Spend N7.8bn On Former Presidents, Ex-VPs

The Federal Government will spend around N7.8 billion on entitlements, severance allowances, and other perquisites of the nation’s former leaders.

This comes as Nigeria prepares for a revenue shortage in 2021, with plans to borrow about a quarter of the year’s budget expenditure.

This year, of the total N7.8 billion budgeted as gratuity for retired government officials, former heads of state, presidents and their respective deputies will earn a combined entitlement of N2.3 billion.

Naija News understands that this is in accordance with the remuneration for the former presidents‘ act.

As an upkeep allowance, the act mandates the monthly payment of N350,000 to former presidents and N250,000 to former vice-presidents and chiefs of general staff, and this is subject to a review whenever there is an increase in the salary of the serving president.

Also, the families of all deceased former presidents are entitled to an annual allowance of N1 million payable as N250,000 per quarter, while the families of deceased former deputies get N750,000 per annum payable in the sum of N187,500 per quarter.

However, if the spouse of the deceased leader remarries, they stop getting the allowance.

In the same vein, the nation’s retired heads of service and permanent secretaries will get a combined N4.5 billion as benefits this year.

This is an increase from the N3.6 billion the former officials got in 2018, and N2.6 billion in 2017.

Also, for the fifth year running, retired heads of government agencies and parastatals will share among themselves N1 billion as severance benefits.

Source: Naija News

Ige Olugbenga is a fine-grained journalist. He loves the smell of a good lead and has a penchant for finding out something nobody else knows. Gbenga is an alumnus of the prestigious Adekunle Ajasin University, Ondo State and The Polytechnic, Ibadan.