Nigeria: Federal Government to Begin Clearing Pension Backlog Next Week – Finance Minister Edun

The Federal Government of Nigeria will begin addressing the backlog of pension payments under the Contributory Pension Scheme (CPS) next week, according to Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun. He made this announcement on Tuesday during a peaceful protest organized by the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) at the Federal Ministry of Finance in Abuja.

“We will commence payments next week within the current budget approved by the National Assembly,” Edun said. He acknowledged the outstanding contributions backlog and stated that a dedicated committee, under the Office of the Head of Service, has devised a solution in collaboration with the ministries of finance and budget.

Edun further assured that the government is committed to paying off the backlog within the year. “To address this comprehensively, we are exploring capital market instruments to clear the backlog once and for all. We will present this plan to the President as a sustainable solution through the financial market,” he added.

Edun emphasized the government’s commitment to pensioners’ welfare, expressing regret that the retirees had to take to the streets to voice their concerns. He reassured them of his availability for discussions on pension matters. “I wasn’t aware of the November 11 deadline; I would not have let the situation escalate to this point had I known,” Edun remarked, acknowledging the financial strain the pensioners faced to attend the protest.

NUPCPS National Chairman, Mr. Sylva Nwaiwu, highlighted in his address that pensioners under the CPS have not benefited from any National Minimum Wage Act increases and have been without accrued payments for over 20 months. “Our senior citizens suffer after dedicating their productive years to serving the nation,” Nwaiwu stated, adding that many pensioners struggle with basic needs, and some have even died waiting for their entitlements.

Mrs. Christiana Ubah, a retiree from the federal budget office since 2015, described the hardship she faces, noting that she has gone six months without her pension payments from African Alliance. “Many of us here retired last March and have not received anything. We need government intervention to survive,” she pleaded, urging that pension adjustments reflect changes in salaries as stipulated in the Constitution.

The protest concluded with pensioners calling on the government to honor its commitments and provide much-needed relief for Nigeria’s retirees.