Northern Irish leaders formula: ultimately a peaceful state (7)

I believe the answer is:

nirvana

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'a peaceful state' is the definition.
'nirvana' can be an answer for 'state' (nirvana is a kind of state). I'm not certain of the 'a peaceful' bit.

'northern irish leaders formula ultimately' is the wordplay.
'northern' becomes 'n' (abbreviation e.g. N. Ireland).
'irish' becomes 'IR' (abbreviation for Irish).
'leaders' becomes 'van' (I've seen this in another clue).
'ultimately' indicates one should take the final letters.
The last letter of 'formula' is 'a'.
'n'+'ir'+'van'+'a'='NIRVANA'

Can you help me to learn more?

(Other definitions for nirvana that I've seen before include "Ultimate state in Buddhism" , "Buddhist version of Paradise" , "In Buddhist teaching, the place of perfect bliss" , "US rock band" , "Transcendent state of Buddhists" .)

I've seen this clue in The Times.

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