FG Releases N14.92bn for Payment of Pension to Retirees


James Emejo in Abuja

The federal government has released the sum of N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme(CPS).

According to a statement issued yesterday by the National Pensions Commission (PenCom), the disbursement will offset four months’ arrears.

The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the Pension Reform Act (PRA) that birthed the CPS, came into effect.

The commission however, commended the effort of the federal government at ensuring that the accrued rights arrears are cleared.

It also thanked the affected retirees of the treasury-funded agencies for their patience.

PenCom is the regulatory body which oversees the effective regulation and supervision of the Nigerian Pension Industry to ensure that retirement benefits are paid as and when due.

Meanwhile the total pension assets under the CPS had increased to N11.08 trillion as of the end of June.

About N7.45 trillion of the total assets was invested in federal government’s securities including FGN bonds, treasury bills, agency bonds, Sukuk and green bonds.