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Market Digest Nigeria

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FG pays 190,158 retirees N884.5b

No fewer than 190,158 retirees of treasury-funded ministries, departments and agencies (MDAs) have received a total sum of N884.58 billion as accrued pension rights from the inception of the Contributory Pension Scheme (CPS) till December 31, 2020

Muhammadu BuharI FG

According to the 2020 yearly report of the National Pension Commission (PenCom) posted on its website, the Federal Government of Nigeria released a total of N65, 909,343,247.5 into the Retirement Benefits Bond Redemption Fund (RBBRF) account for the payment of accrued rights to retirees of treasury-funded MDAs.

“As a result of this, the Commission approved the release/remittance of the entire amount to the RSAs of 11,385 retirees and deceased employees of treasury-funded MDAs,” the report revealed.

Besides, the Federal Government, according to the commission, released N11.82 billion for payment of accrued pension rights of retirees under its MDAs in January this year.

The commission, in July, notified all its stakeholders, particularly retirees of treasury-funded MDAs that President Muhammadu Buhari had approved its submission on the payment of some critical aspects of the outstanding pension liabilities of the Federal Government under the CPS.

According to PenCom, the settlement of the outstanding accrued pension rights of verified and enrolled FGN retirees and compliance with the reviewed rate of pension contributions are significant developments that have resolved the challenges in these aspects that have lingered since 2014.

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