FG Earmarks N50billion for Retirees

The Federal Government has budgeted the sum of N50 billion for retirees for 2016.

This is N41billion short of the N91billion requested from the Federal Government by the National Pension Commission, PenCom.

The Director-General, National Pension Commission, PenCom, Chinelo Anohu-Amazu, who spoke to reporters in Lagos, said the outstanding accrued rights yet to be paid by the Federal Government to pensioner stands at N20billion and the figure might jump to N61 billion, if the N41 billion outstanding accrued pension rights for this year is added.

She said if the N50billion requested is funded by the government, there will still be a deficit, noting that N91billion was needed to pay every retiree that will retire this year going by the Commission’s figures.

She said the problem only affect Federal Government employees, while those in the private sector do not have such issues because they are already funded.

The PenCom DG, however, noted that the government is making efforts to clear all outstanding pension.