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Buhari Releases N54bn To Settle Pension Backlog
The Muhammadu Buhari administration has released N54 billion to clear part of the backlog of accrued pension rights for the years 2014, 2015 and 2016.
The Director of Information, Ministry of Finance, Mr Salisu Danbatta said on Wednesday that N41.5 billion has already been released to the National Pension Commission (PENCOM).
The amount released was for onward payment to those who retired under the Contributory Pension Scheme and who were yet to be paid.
Danbatta quoted the Minister of Finance, Mrs Kemi Adeosun as saying that N12.5 billion, being outstanding for January, February and March 2017, was also released, bringing the total to about N54 billion.
“Despite conflicting demands for available cash, President Muhammadu Buhari has always expressed concern over the plight of workers and pensioners.
“Consistent with this, we have released N41.5 billion which clears the arrears inherited from the previous administration relating to the period 2013-15 and underpayments in 2016.
“This will bring relief to thousands of our elders who have served and deserve to be paid their entitlements promptly and fully,” she said.
The minister said that the amount paid also included arrears of those who retired as far back as 2013 and had been unable to access their pension under the contributory scheme due to non-payment.
To avoid future accumulation of pension arrears, Adeosun said that henceforth “the monthly allocation to the PENCOM based on the appropriation of 2017 will regularly be paid along with monthly salaries of Ministries, Departments and Agencies (MDAs).”
All Federal Government workers began the monthly Contributory Pension Scheme in 2004, in line with the Pension Reform Act.
The money the Federal Government now owes its workers before the commencement of the act, is recognised in form of the issuance of Federal Government Retirement Benefits Bonds.
Upon retirement of an employee, the bonds are to be liquidated and added to the balance of the retirement savings account of an employee to get the amount he or she is entitled.
To ensure that government settles backlog of accrued rights, Pension Fund Administrators are not allowed to grant retirees access to their retirement savings until the federal government releases the accrued rights component.
This means that a retiree cannot access his or her Retirement Savings Account (RSA) through the Pension Funds Administrators without the accrued pension rights component.
So for Public Service workers who migrate to the Contributory Pension Scheme (CPS) in 2004, shortly before they retired, they are entitled to two components of retirement benefit.
That is the contributions accumulated in their RSA and their accrued right from the time they joined the service to the time they migrated to CPS.
The federal public servants who retired since January 2016, had staged a protest at the Federal Ministry of Finance headquarters in Abuja over their unpaid pension to the tune of N200 billion.
The retirees under the auspices of the League of Federal Service Contributory Pension Retirees led by the Coordinator, Mr Chike Ogbechie said that workers who have retired in the last 15 months were yet to receive their pension.
In reaction to the recent release, Mr Ogbechie when contacted by the News Agency of Nigeria said that the “N54 billion will clear much of the backlog of our pension, but not all. So the struggle still continues”.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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