The Office of the Accountant General of the Federation (OAGF) has disbursed N22 billion to partially cover outstanding pension liabilities for retirees from federal ministries, departments, and agencies (MDAs) under the Contributory Pension Scheme (CPS).
The National Pension Commission (PenCom) confirmed that the payment is part of the 2024 Appropriation covering the period between July and September.
According to a statement by PenCom, the funds were deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) account at the Central Bank of Nigeria and are intended to address unpaid accrued pension rights.
The commission stated that the funds were used to settle pension rights for retirees verified and enrolled between October 2023 and January 2024, as well as benefits for some deceased employees.
The credited amounts have been transferred directly to the Retirement Savings Accounts (RSAs) of the affected retirees via their Pension Fund Administrators (PFAs).
With this release, the total amount allocated from the 2024 Appropriation for settling accrued pension rights now stands at N66 billion.
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