FG releases N11.818bn for payment of accrued pension rights

The Federal Government has released N11.82 billion for the payment of accrued pension rights for retirees of Treasury Funded Ministries, Departments and Agencies (MDAs) under the Contributory Pension Scheme (CPS).

The sum of N11.818 billion has been released by the Federal Government for the payment of accrued rights.

This was disclosed in a statement released Wednesday by the Head of Corporate Communications of the National Pension Commission (PenCom), Mr Peter Aghahowa.

The statement indicated that accrued rights represent benefits for employees of Treasury Funded MDAs who worked up to June 2004, when the Pension Reform Act was introduced.

“The Commission appreciates the effort of the Federal Government at ensuring that the accrued rights arrears are cleared,” the statement added.

Recall that in August, 2020, the Federal Government released N14.92 billion for the payment of accrued rights for retirees under the CPS.

PenCom had revealed then that the amount released would be used to cover four months arrears of accrued rights of Federal Government retirees.

“The Commission appreciates the effort of the Federal Government at ensuring that the accrued rights arrears are cleared, and thanks the affected retirees of the Treasury-Funded Agencies for their patience,” the Commission had stated then.