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FG releases N13.89bn to 2022 Contributory Pension retirees

The Federal Government has disbursed N13,89 billion to pay the pensions of its 2022 retirees.

This was announced by the National Pension Commission in an advertisement received by The PUNCH headed “Federal Government releases N13.89 billion for payment of accrued rights for Contributory Pension Scheme retirees who resigned in 2022.”Information Guide Nigeria


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It stated, “The National Pension Commission is pleased to inform all its stakeholders, particularly retirees of treasury-funded Ministries, Departments and Agencies who retired in the year 2022, that the Federal Government has released the sum of N13.89bn for the payment of their accrued pension rights.

“The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the CPS came into effect.

“Accordingly, PenCom is processing remittances into the various Retirement Savings Accounts of the affected retirees, and their Pension Fund Administrators will notify them in due course.

“Finally, PenCom appreciates the efforts of his excellency, Mr President for his untiring support and commitment to the implementation of the CPS and ensuring the welfare of retirees.”

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Aisha Dahir-Umar, the Director-General of the National Pension Commission, revealed in her report on the pension industry for 2021 that the Federal Government paid a total of N980.18bn to retirees of treasury-funded Ministries, Departments, and Agencies from the inception of the Contributory Pension Scheme in 2004 to December 2021.JAMB portal

She said, “In addition, the Federal Government continued to fund the Retirement Benefits Bond Redemption Fund account. With the release of N100.29bn for the payment of accrued rights to retirees of treasury funded MDAs, this brought the total amount released by the Federal Government into the RBBRF account, from inception to 31 December 2021, to N980.18bn.”NYSC portal

According to her, the most important development in the pension industry in 2021 was the successful reduction of the Federal Government’s outstanding pension liabilities under the Contributory Pension Scheme.

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She stated that N159.46 billion was approved by the president to alleviate some of the Federal Government’s pension obligations under the CPS.

Consequently, she stated that N40.55 billion was paid throughout the year to settle the accrued claims of 6,282 retirees and 2,329 deceased personnel.

She noted that N66.83 billion was deposited into the Retirement Savings Accounts of 85,743 retirees and 693,221 active employees, representing the 2.5% gap in the employer pension contribution rate as of December 2021.JAMB Result

She stated that N52.08 billion was processed for the fiscal year of 2022.

 

 

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

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