President Muhammadu Buhari has approved the release of N22.68 billion as retirement benefits for ex-workers of Nigeria Airways. This was announced by the Ministry of Finance.
According to the statement by the ministry, the move came after an initial submission by the former workers, which totalled their benefits as N78 billion.
However, after the Presidential Initiative on Continuous Audit (PICA) and other relevant stakeholders in line with the conditions of service of Nigeria Airways Limited in liquidation and other extant rules and regulations verified it, N45 billion was agreed as total retirement benefits of affected staff.
The release of the funds was posted in a tweet by the ministry’s handle, reading: “President Muhammadu Buhari has graciously approved the immediate release of N22.68billion & N20billion as retirement benefits of ex-workers of the NigeriaAirways limited (in Liquidation) & ASUU’s request for revitalization fund of public universities”.
“Regarding the settlement of outstanding retirement benefits due to the ex-workers of the Nigeria Airways, the initial submission for their retirement benefits was N78 billion”.
“This amount was verified by PICA & other relevant stakeholders in line with the conditions of service of Nigeria Airways Limited in liquidation and other extant rules and regulations. At the end of verification, N45 billion was agreed as total retirement benefits of affected staff”.
Zainab Ahmed, the Finance Minister, tweeted: “15 years after, I’m happy to announce today, that President Muhammadu Buhari has approved the immediate release of N22.68 billion, being 50% of N45.3 billion total entitlements of the Ex-workers of Nigeria Airways Limited in Liquidation”.