By Favour Nnabugwu

The Federal Government has released N16.67 billion for the payment of accrued pension rights to 2021 retirees of Treasury-funded Ministries, Departments, and Agencies (MDAs), under the Contributory Pension Scheme.

This was disclosed by the management of the National Pension Commission (PenCom) in a statement issued Wednesday in Abuja

“The National Pension Commission (PenCom) is pleased to announce the release of N16.67 billion by the Federal Government for the payment of Accrued Pension Rights to 2021 retirees of Treasury-funded Ministries, Departments, and Agencies (MDAs).

“The Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020”, said the National Pension Commission.

Also, the PenCom had received early this year the approval of President Muhammadu Buhari to pay outstanding pension liabilities of retirees of Treasury-funded Federal Ministries, Departments, and Agencies (MDAs).

This was sequel to PenCom’s submission to the President on the payment of some critical aspects of the outstanding pension liabilities of the Federal Government under the Contributory Pension Scheme.

Specifically, the President approved payment of outstanding accrued pension rights for verified and enrolled retirees of treasury-funded MDAs that retired but were yet to be paid their retirement benefits, as well as the backlog of death benefits claims due to beneficiaries of deceased employees of treasury funded MDAs.

Approval was also given for payment of 2.5 per cent differential in the rate of employer pension contribution for FGN retirees and employees which resulted from the increase in the minimum pension contribution for employers from 7.5 per cent to 10 per cent in line with Section 4(1) of the PRA 2014.