The Federal Government has released an additional N22 billion for the accrued pension rights of retirees in Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
The funds are for retirees who exited service between October 2023 and January 2024, according to the National Pension Commission (PenCom).
“This disbursement is to settle accrued pension rights for verified retirees of Treasury-funded MDAs,” PenCom announced in a statement on Tuesday. The funds have been credited to the Retirement Benefits Bond Redemption Fund Account at the Central Bank of Nigeria, ensuring direct transfer to the retirees’ Retirement Savings Accounts (RSAs) through their Pension Fund Administrators (PFAs).
The release also covers accrued rights for some deceased employees, further easing the financial burdens faced by their beneficiaries. “PFAs have been directed to expedite payments to verified retirees,” PenCom added.
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With this latest disbursement, the total funds allocated from the 2024 budget for accrued pension rights have reached N66 billion. The release follows an earlier allocation of N44 billion in December 2024, which catered to retirees between March and September 2023.
Reacting to the announcement, the Centre for Pension Rights Advocacy emphasized the need for consistent and prompt payments. “Retirees deserve timely access to their accrued benefits. The government must fulfill its legal obligations,” the group stated.
PenCom urged retirees to complete the required documentation with their PFAs to access their benefits promptly, ensuring no delays in disbursement.
