The National Pension Commission (PenCom) announced that the Office of the Accountant General of the Federation (OAGF) has released an additional N22 billion to pay pensions for retirees under the Contributory Pension Scheme (CPS). The funds were allocated from the 2024 budget for the July-September period, contributing to the settlement of accrued pension rights for Federal Government retirees.
This release brings the total disbursed so far for 2024 pension payments to N66 billion. The funds have been directed to the Retirement Benefits Bond Redemption Fund (RBBRF) at the Central Bank of Nigeria and credited to retirees’ Retirement Savings Accounts (RSAs) through their Pension Fund Administrators (PFAs). These payments cover verified retirees for the period from October 2023 to January 2024, as well as some deceased employees.
PenCom urged retirees to contact their PFAs to complete required documentation for accessing their benefits. The Commission has also called for PFAs to expedite processing to ensure timely payments. PenCom commended retirees for their patience and reaffirmed its commitment to ensuring all accrued pension rights are settled.
Source: THE SUN