The former leaders are to be paid the entitlement to enable them buy vehicles of their choice.
While the sum of N40 million has already been released, the balance of N240.1 million will be paid to the former leaders in 2018.
This was disclosed in a document presented to the House Committee on Governmental Affairs by the Secretary of the Government of the Federation (SGF), Boss Mustapha, when he reviewed the 2017 budget of his office to the committee and defended the estimates for 2018.
The SGF noted that the former leaders are to be paid the entitlement to enable them buy vehicles of their choice.
He said, "They are entitled to that by law. We took a decision that instead of buying these vehicles, we should give them the money and let them buy vehicles of their choices.
"One of them qualified for it this year and that was why the N40 million was paid. The remaining, hopefully will qualify for it next year or thereabout."
Vehicles worth N120 million were also approved for purchase in 2017 for the benefit of former Vice Presidents, with the SGF reporting that the procurement of the vehicles is ongoing.
The office of the SGF presented a total budget proposal of N9.8 billion to lawmakers for 2018; with N3.9 billion earmarked for overheads, N3.3 billion for personnel cost and N2.4 billion for capital projects.
Mustapha also informed the committee that N65 million would be spent in 2018 to build a government website.