The Federal Government has released N22 billion through the Office of the Accountant-General of the Federation for accrued pension rights of retirees in Ministries, Departments and Agencies (MDAs) under the Contributory Pension Scheme.
The National Pension Commission (NPC) revealed in a statement that the payment was for those who retired between October 2023 and January 2024.
“These funds were disbursed into the Retirement Benefits Bond Redemption Fund Account (domiciled) at the Central Bank of Nigeria. They are meant to settle accrued pension rights for verified retirees of Treasury-funded MDAs,” the statement read.
It further said only retirees that were duly verified and enrolled would benefit from the disbursement.
“Some deceased employees’ accrued rights are also covered. Funds have already been credited to their retirement savings accounts via pension fund administrators,” it added.
The commission pointed out that with this release, the total amount disbursed from the 2024 appropriation for accrued pension rights was N66 billion.
It advised retirees to contact their PFAs to complete the necessary documentation to access their retirement benefits and also directed PFAs to fast-track the payment process for all verified retirees.
