How Nigeria spends billions it doesn't have on Ex-Governors

Nigeria spent close to N40B on pension of former Governors and former Deputy Governors in the last couple of months.

According to a story published in the Vanguard, N37.367B was spent on the houses, staff and exotic cars of 47 former Governors from 21 States of the federation.

In the last four years, former Governors of Bauchi, Rivers, Akwa Ibom, and Lagos drew N23.18B, N2.795B N2.043B and N1.606B respectively from their State coffers as pension allowances.

In Bauchi, former Governors are paid N1B annually even though the State is one of the poorest in the country.

Pulse findings indicate that some of the former Governors pegged the pension allowances for themselves while they were still in office; in cahoots with the State House of Assemblies.

In 2014, departing Governor Godswill Akpabio of Akwa Ibom State, arm twisted the State legislature to pass into law a pension bill that would guarantee a retired Akpabio a classy home, brand new cars, befitting furniture and other luxuries, for the rest of his life.

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The Vanguard reports that these pension benefits for former State Chief Executives are aside the prescription of the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC which prescribes 300 per cent severance for the Governors as stated in the Certain Political Office Holders and Judicial Officers Remuneration Act.

Under the act, former Governors are entitled to 300% of their basic salary of N2, 223,705 amounting to N6,671,115 as severance pay.

Former lawmakers are also entitled to similar perks.

The RMFAC even treats former Governors better.

According to the provisions of the RMFAC, former Governors are entitled to the following:

a) Brand new cars renewable every three to four years.

b) Accommodation at the State capital and sometimes in Abuja;

c) 30-day-paid holiday outside the country and free medical treatment for the former Governors and their immediate family members.

The Vanguard provides more details of the humongous pay handed out to former Governors and former Deputies.

According to the Newspaper, the Sokoto State pension law provides for N200M every four years for former Governors.

Sokoto has three former Governors. That means every four years, Sokoto would have to pay N600M to former Governors.

In Sokoto, N180M would be set aside to pay former Deputy Governors.

In Gombe State, former Governors will get N300M per annum.

The pension law varies from State to State because the schemes are often decided by the State legislatures.

And it helps if that State is rich in natural resources.

For instance, oil rich Delta State hands out N816M annually to its former Governors. This includes former Governor James Ibori who looted the State's treasury and is serving jail time in the U.K.

In Bayelsa, it's N44M and in Borno, it's N987M for former Governors.

These huge pension payments to former State Governors have been disclosed at a time when all State Governors often head to Abuja for handouts in order to remain viable entities.

Nigeria slipped into an economic recession in mid 2015 and commodity prices remain high in Africa's most populous country.

Most State Governors owe civil servants months in salaries and most States cite paucity of funds as reason why they are unable to embark on new projects or pay teachers.

Chairman of the RMFAC, Mr. Elias Mbam, wasn't immediately available for comments.