By: Bayero Ade
The Office of the Accountant General of the Federation (OAGF) has released N22 billion to partially address outstanding pension liabilities for retirees from federal ministries, departments, and agencies (MDAs) under the Contributory Pension Scheme (CPS).
According to Afripost, the National Pension Commission (PenCom) confirmed that the payment was part of the 2024 Appropriation, covering the period from July to September.
In a statement, PenCom explained that the funds were deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) account at the Central Bank of Nigeria. These funds are meant to clear unpaid accrued pension rights.
The commission also noted that the funds were utilized to settle pension entitlements for retirees verified and enrolled between October 2023 and January 2024, as well as benefits owed to some deceased employees.
The credited amounts have been transferred to the Retirement Savings Accounts (RSAs) of the affected retirees through their Pension Fund Administrators (PFAs).
This brings the total amount disbursed from the 2024 Appropriation for accrued pension rights to N66 billion.
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