Lagos State governor, Babajide Sanwo-Olu, has announced his intention to repeal the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former governors and their deputies.
The governor disclosed this on Tuesday while presenting the 2021 budget to the Lagos State House of Assembly.
He said, “Mr Speaker and honourable members of the House, in light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former governors and their deputies.”
Some former governors in the state include Bola Ahmed Tinubu, Babatunde Fashola and Akinwunmi Ambode.
Basehitz Media gathered that the Pensions Law of 2007 provides one of the most lucrative pensions in the federation.
According to the law, former governors of the state are entitled to a house each in any location of their choice in Lagos and Abuja.
Section 2 of the law states that, “One residential house each for the governor and the deputy governor at any location of their choice in Lagos State and one residential house in the Federal Capital Territory for the governor on two consecutive terms.”
The law also provides for six new cars every three years, 100 per cent of the basic salary of the serving governor (N7.7m per annum), as well as free health care for himself and members of his family.
The law also says former governors will be entitled to furniture allowance, which is 300 per cent of their annual basic salary (N23.3m); house maintenance allowance, which is 10 per cent of basic salary (N778, 296); utility allowance, which is 20 per cent of the salary (N1.5m) and car maintenance allowance, which is 30 per cent of the annual basic salary (N2.3m).
Other benefits include entertainment allowance, which is 10 per cent of the basic salary (N778, 296) and a personal assistant, who will earn 25 per cent of the governor’s annual basic salary (N1.9m).
A former governor will also be entitled to eight policemen and two officials of the Department of State Services for life.