Vice President Yemi Osinbajo has called for an upward review of the monthly retirement benefits for former presidents and vice presidents in Nigeria. He made this request during his speech at the valedictory session of the Federal Executive Council held at the State House in Abuja on Wednesday, where he highlighted the need for an adjustment to the law governining such benefits.
Osinbajo lamented that current legislation would award him, as former Vice President, a mere N250,000 per month and President Muhammadu Buhari N350,000 per month as retirement benefit, noting that those sums are insufficient. He called for an increase so that former leaders can enjoy a comfortable retirement.
The revenue mobilization and fiscal commission stipulates that Major General Buhari, Vice-President Osinbajo, and other political appointees will be entitled to various severance packages when their tenures end in 2023. In total, these packages could cost the country up to N63.45bn.
In response to Osinbajo’s request, the President’s wife, Mrs. Aisha Buhari, also called for improved benefits for former presidents, their deputies, and even first ladies in a separate event. She made this known while delivering a speech at the launch of a book titled ‘The Journey of a Military Wife’ authored by Mrs. Vicky Irabor, wife of the Chief of Defence Staff and President of the Defence and Police Officers’ Wives Association in Abuja on Thursday.
Meanwhile, the Chairman of the Nigeria Union of Pensioners in Ekiti State, Joel Akinola, has also commented on the issue, describing the situation where pension payments remain unpaid in some states while political office holders get huge severance allowances as unfair. He added that such beneficiaries already enjoyed other office perks.
As discussions continue on the pension benefits of former presidents and vice presidents in Nigeria, there is a growing concern among some quarters that the state does not provide enough support to retired political leaders after their terms in office.
