President Goodluck Jonathan, Vice-president Namadi Sambo, non-returning federal lawmakers, ministers and presidential aides will collect N3.24bn as severance allowances after the expiration of this administration.
According to the severance package, the President is entitled to 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.
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.