The Office of the Accountant General of the Federation (OAGF) has released additional N22bn as part of the 2024 appropriation for the period July to September. This disbursement brings the total amount released so far from the 2024 appropriation for accrued rights settlement to N66bn.
The National Pension Commission (PenCom) release made this known, “These 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 Federal Government Treasury-funded Miistries, Departments and Agencies (MDAs) under the Contributory Pension Scheme CPS.”
According to PenCom the disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified, 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).
PenCom directs the affected retirees to contact their PFAs to complete the necessary documentation to access their retirement benefits, while the PFAs were directed to expedite the processing of payments to ensure retirees promptly receive their entitlements.
Empathising with retirees, PenCom said it appreciates 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.
