In Nigeria, losing an election has its own financial benefit. You are assured of getting severance from the government and people who you have perhaps served woefully.
According to an article in Businessday, Lawmakers who lost their seats in the last election or will lose their position as principal officers are about to be paid about N1.85 billion in severance packages
The money is statutorily approved by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
According to the paper, following the conclusion of the April 11 2015 general elections, 233 members of the House of Representatives lost their seats while 76 Senators also lost out, bringing the number of non-returning legislators to 309 out of the figure of 469 elected lawmakers. Each of those lawmakers are therefore entitled to 300 percent of their annual basic salaries.
In fact, even the Senate President David Mark and Deputy Senate President, Ike Ekweremadu who have both been re-elected as Senators but may not likely return as Principal Officers, will also be entitled to the provided severance packages. This follows a provision in the law that any public office holder that completes his or her tenure, is entitled to a severance package, irrespective of whether such officer will return or not. See breakdown of payment
- As stipulated in the document, Senate President David Mark’s annual basic salary is put at N2,484,242 meaning that the calculated severance gratuity by RMAFC is N7,452,727
- Deputy Senate President who officially earns N2,309,166.75 as annual basic salary, would be paid N6,927,500.25 as severance.
- A Senator officially earns N2,026,400 as annual basic and is therefore entitled N6,079,200 as severance package.
- The 74 non-returning Senators, exclusive of Mark and Ekweremadu, would be paid a total of N449,860,800.
- Aminu Tambuwal, Speaker of the House of Representatives, who will not be returning to the House on account of his election as governor of Sokoto State, would be paid N7,431,330 as severance package.
- Tambuwal’s annual basic salary is N2,477,110.
- Emeka Ihedioha, Deputy Speaker of the House, who is also not returning, even though he lost the Imo State governorship bid, would earn N6,861,102.75 as severance package, with his official annual basic standing at N2,287,034.25.
- Each House of Representatives member earns N1,985,212.50 as basic salary and is entitled to a severance package of N5,955,637.50 .
- This means that the 231 members who would not be returning to the House, are entitled to N1,375,752,262.5 in total.