By JKNewsMedia
MOUTING PRESSURE over unpaid pension rights has seen the Federal Government release an additional N22 billion to partially settle accrued benefits for retirees under the Contributory Pension Scheme (CPS).
The Office of the Accountant General of the Federation (OAGF) disbursed the funds as part of the 2024 Appropriation for the period from July to September.
The National Pension Commission (PenCom) announced the release in a statement on Thursday, confirming that the funds were credited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria (CBN).
This move targets retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) who were duly verified and enrolled.
PenCom noted that the disbursement covered accrued pension rights for retirees from October 2023 to January 2024, as well as settlements for some deceased employees.
The credited amounts have been deposited directly into the Retirement Savings Accounts (RSAs) of the affected individuals through their respective Pension Fund Administrators (PFAs).
With this latest allocation, the total funds released for pension rights under the 2024 Appropriation now stand at N66 billion.
Despite this progress, many retirees still await the full settlement of their benefits.
PenCom reiterated its commitment to ensuring retirees receive their entitlements promptly and urged the Federal Government to maintain consistent funding for accrued pension rights.
