The Federal Government has released an additional ₦22 billion for the payment of accrued pension rights to retirees in Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
This was disclosed by the National Pension Commission (PenCom) through a statement on its Instagram page on Tuesday night.
The funds, which cover retirees from October 2023 to January 2024, were disbursed into the Retirement Benefits Bond Redemption Fund Account at the Central Bank of Nigeria (CBN). PenCom clarified that the payment also includes accrued pension rights for some deceased employees whose entitlements have been credited to their Retirement Savings Accounts (RSAs) through their Pension Fund Administrators (PFAs).
“This disbursement is intended to settle accrued pension rights for verified retirees of Treasury-funded MDAs,” PenCom stated, urging retirees to contact their PFAs to complete the necessary documentation for accessing their benefits.
With this recent release, the total amount disbursed from the 2024 Appropriation for accrued pension rights now stands at ₦66 billion. Earlier, in December 2023, the government had released ₦44 billion for retirees who exited service between March and September 2023, as well as some deceased retirees.
The Centre for Pension Rights Advocacy has previously criticised the Federal Government for its handling of accrued rights payments, accusing it of treating the issue as a discretionary obligation rather than a legal duty. Meanwhile, PenCom has directed PFAs to expedite the payment process for all verified retirees to ensure timely access to their entitlements.
This development brings relief to retirees who had expressed concerns over delays in accessing their pension benefits. The disbursement signals the government’s ongoing efforts to address backlogs and uphold its commitments to retired public servants.
