FG Disburses N22 Billion For Accrued Pension Payments

FG Disburses N22 Billion For Accrued Pension Payments

The Office of the Accountant General of the Federation (OAGF) has released N22 billion to partially settle outstanding accrued pension rights for retirees in Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS)…READ MORE…

According to the National Pension Commission (PenCom), the payment is part of the 2024 Appropriation covering the period from July to September.

In a statement, PenCom announced: “We are pleased to confirm the additional release of N22 billion by the OAGF as part of the 2024 Appropriation for the period July to September. These funds have been paid into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria to address outstanding accrued pension rights for retirees of Federal Government Treasury-funded MDAs under the Contributory Pension Scheme.”

PenCom explained that the funds have been used to settle accrued pension rights for retirees verified and enrolled between October 2023 and January 2024, as well as for deceased employees. The payments were credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).

This latest disbursement brings the total amount released from the 2024 Appropriation for accrued pension rights to N66 billion, marking significant progress in addressing pension arrears for federal retirees.

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