The National Pension Commission (PenCom) has announced that the Federal Government, through the Office of the Accountant General of the Federation, has released an additional N22 billion to settle accrued pension rights.
This payment is intended for retirees from Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme who retired between October 2023 and January 2024. The update was shared by PenCom in a statement on its official Instagram page on Tuesday night.
According to the pension regulator, the funds have been disbursed into the Retirement Benefits Bond Redemption Fund Account held at the Central Bank of Nigeria. These funds are designated for the payment of accrued pension rights to verified retirees of Treasury-funded MDAs. Beneficiaries include retirees who were duly verified and enrolled between October 2023 and January 2024.
The statement also noted that accrued pension rights for some deceased employees are included in the disbursement, with funds already credited to their Retirement Savings Accounts through Pension Fund Administrators. This latest release brings the total amount disbursed from the 2024 Appropriation for accrued pension rights to N66 billion.
Retirees have been advised to contact their Pension Fund Administrators (PFAs) to complete the required documentation needed to access their retirement benefits. PenCom also announced that it has instructed PFAs to expedite the payment process for all verified retirees.
In December 2023, the Federal Government released N44 billion to settle accrued pension rights for retirees covering the period from March to September 2023, as well as some deceased retirees.
The Centre for Pension Rights Advocacy had decried the selective payment of accrued pension rights at the time. It condemned the government for taking a benevolent employer approach to these payments, rather than fulfilling its legal obligations.
