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FEDERAL GOVT DISBURSES ₦22 BILLION FOR RETIREES PENSION PAYMENT
The federal government has released an additional ₦22 billion to settle accrued pension rights for retirees in Ministries, Departments, and Agencies (MDAs) funded by the federal treasury, the National Pension Commission (PenCom) announced late Tuesday.
The funds, disbursed through the Office of the Accountant General of the Federation, were deposited into the Retirement Benefits Bond Redemption Fund Account at the Central Bank of Nigeria.
They will be used to pay verified retirees who were enrolled between October 2023 and January 2024 under the Contributory Pension Scheme.
In a statement shared on social media, PenCom confirmed that the disbursement also includes payments for accrued rights owed to deceased employees, with Pension Fund Administrators already crediting the appropriate Retirement Savings Accounts.
This latest payout raises the total amount allocated for accrued pension rights in the 2024 fiscal year to ₦66 billion.
In December 2024, the government released ₦44 billion to settle rights owed to retirees between March and September of the previous year, though that move drew criticism from pension rights advocates.
