Govt releases N16.67bn for accrued pension rights

The Federal Government has released N16.67 billion for the payment of accrued pension rights to 2021retirees of treasury funded ministries, departments and (agencies /MDAs).

Head, Corporate Communications Departments, National Pension Commission (PenCom), Peter Aghahowa, in a statement said that the Federal Government had released all arrears of accrued pension rights payments to the verified and enrolled retirees up to December, 2020.

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Meanwhile, PenCom had, in its 2020 annual report, stated that during the year the Federal Government of Nigeria released a total of N65,909,343,247.50 into the RBBRF Account for the payment of Accrued Rights to retirees of Treasury Funded MDAs.

“Consequently, the Commission approved the release/remittance of the entire amount to the RSAs of 11,385 retirees and deceased employees of Treasury Funded MDAs,” it said.

According to PenCom, the Federal Government in January 2021 also released N11.82 billion for payment of accrued pension rights of retirees under its Ministries Department and Agencies (MDAs).

PenCom, in July this year, also notified all its stakeholders, particularly retirees of Treasury-funded Federal Ministries, Departments and Agencies (MDAs), that His Excellency, President Muhammadu Buhari, GCFR, has approved Its submission on the payment of some critical aspects of the outstanding pension liabilities of the Federal Government under the Contributory Pension Scheme.

PenCom in a statement said the President approved the payment of outstanding accrued pension rights for verified and enrolled retirees of treasury-funded MDAs that retired, but are yet to be paid their retirement benefits, as well as the back log of death benefits claims due to beneficiaries of deceased employees of treasury funded MDAs.

Also approved according to PenCom was the payment of 2.5 per cent differential in the rate of employer pension contribution for FGN retirees and employees which resulted from the increase in the minimum pension contribution for employers from 7.5 per cent to 10 per cent in line with Section 4(1) of the PRA 2014. Payments for retirees and existing employees would take effect from July 2014.


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