FG releases N14.92bn to pay retirees

National Pension Commission | www.pencom.gov.ng
National Pension Commission | www.pencom.gov.ng

The Federal Government says it has released N14.92 billion for the payment of accrued rights of retirees under the Contributory Pension Scheme.

The National Pension Commission’s Head of Corporate Communication, Mr Peter Aghahowa, made this known in a statement in Abuja on Monday.

The amount, according to the statement, would cover four months arrears.

He said that the accrued pension rights represented an employee’s benefits for the past years of service up to June 2004, when the Pension Reform Act that birthed the CPS, came into effect.

Aghahowa said that the Commission commended the efforts of the federal government for ensuring that the accrued rights arrears were cleared.

He also thanked the affected retirees of the Treasury-Funded Agencies for their patience.

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