Accrued pension: FG releases N22b for payment

The Office of the Accountant General of the Federation, OAGF, has released N22 billion to partially settle unpaid accrued pension rights for retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme, CPS.

According to the National Pension Commission, PenCom, the payment is part of the 2024 Appropriation for the period July to September.

In a statement, PenCom said: “PenCom is pleased to announce the additional release of N22 billion by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 Appropriation for the period July to September. These funds were paid into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria to partially settle unpaid accrued pension rights for retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).

“The disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period October 2023 to January 2024, as well as some deceased employees. Accordingly, the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs). This disbursement brings the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66 billion.