FG releases N31.97 billion for the payment of accrued rights liabilities

The Federal Government has released an additional N31.97 billion for the payment of accrued pension rights to 2021 retirees, according to the National Pension Commission (PenCom).

This follows the release of N16.67 billion on December 29, 2020, bringing the total amount released for payment of accrued pension rights for the year 2021 to N48.64 billion.

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Retirees from Treasury-funded Ministries, Departments, and Agencies will receive the payment (MDAs).
Up until December 2020, payments will be made to verified and enrolled retirees.

According to the newspaper’s findings, the commission has begun processing payments, which will begin to hit retirees’ Retirement Savings Accounts (RSAs) domiciled with Pension Fund Administrators (PFAs) by the end of the month.

The Federal Government’s total pension liability to retirees was over N100 billion before the payment of N16.67 billion in December last year.

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Mrs Aisha Dahir-Umar, the Director-General, is optimistic that the settlement of outstanding accrued pension rights will be a significant development, noting that the Commission will secure all outstanding payments from the Federal Government.