Business
Pension Rights: FG Releases N31.97bn For Retirees

The National Pension Commission (PenCom) has said that the Federal Government has released the sum of N31.97 billion for the payment of accrued pension rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies.
PenCom, in a statement made available to Journalists on Friday, explained that the released funds was for the payment of accrued pension rights under the Contributory Pension Scheme, adding that the sum of N16.67 billion was earlier released in December.
“The National Pension Commission is pleased to announce an additional release of N31.97 billion by the Federal Government for the payment of accrued pension rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies.
“This follows an earlier release of the sum of N16.67 billion, thus bringing the total amount released for payment of the 2021 accrued pension rights to N48.64 billion.
“The Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020”, the release stated.
According to the statement, the accrued pension rights represent an employee’s benefits for the past years of service up to June 2004 when the Pension Reform Act that birthed the Contributory Pension Scheme came into effect.
A major challenge in the scheme, according to PenCom, was that a large number of Federal Government employees who retired from under the Contributory Pension Scheme had delays in getting their pensions due to non-payment of their accrued pension rights.
“This challenge, which started in 2014, was essentially triggered by the appropriation of insufficient amounts for payment of accrued pension rights of FGN retirees and further aggravated by late or non-release of full appropriated amounts,” PenCom stated.
The commission however called on the National Assembly to intervene in the matter of payment of outstanding pension liabilities of the Federal Government.
By: Corlins Walter
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