FG releases N22bn for pension accrued rights of retirees

…payment covers October 2023 to January 2024

The Federal Government has released another N22 billion for pension accrued rights of its employees that retired between October 2023 and January 2024.

This disbursement brings the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66 billion.

The National Pension Commission (PenCom), the industry regulator in a statement said the fund was released by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 Appropriation for the period July to September.

According to the Commission, “ these funds were paid into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria to partially settle unpaid Pension accrued pension rights for retirees of Federal Government Treasury-funded ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).”

“The disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period October 2023 to January 2024, as well as some deceased employees.

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“Accordingly, the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).

This disbursement brings the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66 billion.

The commission urged all affected retirees to contact their PFAs to complete the necessary documentation to access their retirement benefits.

PenCom has also directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.

The commission further appreciates the patience and understanding of retirees and reaffirms its commitment to engaging with relevant authorities to ensure the settlement of all unpaid accrued pension rights and related liabilities.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.