FG Releases N22 Billion To Settle Accrued Pension Rights For Retirees

The Federal Government has released ₦22 billion to settle accrued pension rights for retirees of Treasury-funded MDAs under the Contributory Pension Scheme. Read more for details on disbursement and coverage periods.

The Federal Government has disbursed ₦22 billion through the Office of the Accountant General of the Federation (OAGF) to address unpaid accrued pension rights for retirees of Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).

Payment Breakdown

The National Pension Commission (PenCom) confirmed that this disbursement is part of the 2024 Appropriation, specifically covering the period from July to September.

In an official statement, PenCom expressed:

“PenCom is pleased to announce the additional release of ₦22 billion by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 Appropriation for the period July to September. These funds were deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria to partially settle unpaid accrued pension rights for retirees of Federal Government Treasury-funded MDAs under the Contributory Pension Scheme (CPS).”

Disbursement Details

The released funds have been utilized to settle accrued pension rights for verified retirees and deceased employees. The payments cover pensions for retirees verified and enrolled from October 2023 to January 2024. The credited amounts have been transferred directly to the Retirement Savings Accounts (RSAs) of the affected individuals through their respective Pension Fund Administrators (PFAs).

This recent release brings the total disbursement for accrued pension rights under the 2024 Appropriation to ₦66 billion.

Focus on Retiree Welfare

This milestone underscores the government’s commitment to ensuring retirees receive their pensions promptly. PenCom continues to coordinate closely with the OAGF to ensure that accrued pension rights are addressed consistently and efficiently.