By Bimbola Oyesola
The National Pension Commission (PenCom) said Office of the Accountant General of the Federation (OAGF) has released an additional N22 billion as part of the 2024 appropriation for the period July to September for the payment of pensions.
A statement signed by PenCom management said the funds were paid into the Retirement Benefits Bond Redemption Fund (RBBRF) account at the Central Bank of Nigeria to partially settle unpaid accrued pension rights for retirees of the Federal Government Treasury-funded Ministries, Departments and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
It noted that the disbursed funds have been applied 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. Accordingly, the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).
“This disbursement brings the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66 billion .
All affected retirees are encouraged to contact their PFAs, to complete the necessary documentation to access their retirement benefits, the statement said.
PenCom has also directed the PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements,.
The Commission however commended the retirees for their patience and understanding and reaffirmed its commitment to engaging with relevant authorities to ensure the settlement of all unpaid accrued pension rights and related liabilities.