FGN releases ₦‎13.89bn for 2022 pension retirees

By Chisom Nwatu

The Federal Government of Nigeria (FGN) has released ₦13.89 billion for payment of accrued pension rights for Contributory Pension Scheme (CPS) retirees who retired in the year 2022.

The National Pension Commission (PenCom) made the announcement in a statement seen by business a.m, stating that the accrued pension rights represent an employee’s benefits for the past years of service up to June 2004.

According to the commission, it is processing payments into the various retirement savings accounts of the affected retirees, and their pension fund administrators noting that the recipient will be notified in due course.

“The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the CPS came into effect.

“Accordingly, PenCom is processing remittances into the various Retirement Savings Accounts of the affected retirees, and their Pension Fund Administrators will notify them in due course,” the statement read in part.

PenCom also commended President Muhammadu Buhari for his commitment to the implementation of the CPS and ensuring the welfare of retirees.