Nigeria: FG Allocates N22 Billion for Accrued Pension Payments

The Federal Government, through the Office of the Accountant General of the Federation (OAGF), has disbursed N22 billion to address outstanding accrued pension rights for retirees from Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).

This allocation is part of the 2024 Appropriation, covering the period from July to September. The National Pension Commission (PenCom) disclosed this development in a recent statement.

PenCom noted: “The Commission is pleased to announce the additional release of N22 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 have been 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).”

The released funds have been utilized to settle accrued pension rights for retirees verified and enrolled during the period from October 2023 to January 2024. Additionally, payments were made for some deceased employees. The funds were credited directly into the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).

This disbursement brings the total amount allocated from the 2024 Appropriation for accrued pension settlements to N66 billion, underscoring the government’s commitment to addressing pension obligations.