The Office of the Accountant General of the Federation (OAGF) has released additional N22 billion as part of the 2024 Appropriation for July to September 2024 to the National Pension Commission (PenCom) for the payment of accrued entitlements of pensioners.
A statement from the commission indicated that the funds were paid into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria (CBN) to partially settle unpaid accrued pension arrears of retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
The PenCom management confirmed that the released fund had been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs) to settle the accrued pension rights of retirees, who were duly verified and enrolled, covering the period October 2023 to January 2024, as well as some deceased employees.
According to the commission, the disbursement brings the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66 billion.
It clarified: “All affected retirees are encouraged to contact their PFAs to complete the necessary documentation to access their retirement benefits. PenCom has also directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.
“PenCom appreciates the patience and understanding of retirees and reaffirms its commitment to engaging with relevant authorities to ensure the settlement of all unpaid accrued pension rights and related liabilities”, the commission added.
