By NIyi JACOBS
The National Pension Commission (PenCom) has confirmed the release of ₦44 billion by the Office of the Accountant General of the Federation (OAGF) to address unpaid pension arrears for retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs).
The funds, drawn from the 2024 budget appropriation, were deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria. This disbursement covers accrued pension rights for retirees verified and enrolled under the Contributory Pension Scheme (CPS) between March and September 2023, including entitlements for some deceased employees.
Affected retirees have had their entitlements credited directly to their Retirement Savings Accounts (RSAs) through their Pension Fund Administrators (PFAs). PenCom has urged retirees to contact their PFAs to complete the necessary documentation for payment access. PFAs have been directed to expedite the disbursement process to ensure timely payments.
Reaffirming its commitment to securing full settlement of all outstanding pension liabilities, PenCom assured retirees that engagement with relevant authorities will continue until all arrears are resolved. The Commission commended retirees for their patience and pledged to safeguard their retirement benefits.
