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Pension Arrears: FG Clears N54 Billion 2014 – 2016 Backlog

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Nigeria’s Minister of Finance, Kemi Adeosun says the Federal
Government has cleared the inherited arrears of accrued pension benefit
for the year 2014, 2015 and 2016 by releasing N41.5 billion to the
National Pension Commission (PENCOM) for onward payment to the retirees.

 

The Minister also announced on Wednesday
that the sum of N12.5 billion being outstanding for January, February
and March 2017 has been settled based on 2016 appropriation, bringing
the tally to over N54 billion.

“Despite conflicting demands for available cash, President Muhammadu
Buhari has always expressed concern about the plight of workers and
pensioners. Consistent with this, we have released N41.5 billion which
clears the arrears inherited from the previous administration relating
to the period 2013-15 and underpayments in 2016. This will bring relief
to thousands of our elders who have served and deserve to be paid their
entitlements promptly and fully,” Mrs. Kemi Adeosun emphasised.

The N41, 566, 565, 184 released to PENCOM was the
outstanding appropriated for the year 2014 and 2016 by the National
Assembly for the settlement of the retirement benefits of Federal
Government employees.

She explained further that “the amount we paid includes arrears and the
impact is that those who retired as far back as 2013, who had been
unable to access pension under the contributory scheme due to non
payment, will now be paid.”

To avoid future accumulation of pension arrears, Mrs.
Adeosun assured that henceforth “the monthly allocation to the PENCOM
based on the appropriation of 2017 will regularly be paid along with
monthly salaries of Ministries, Departments and Agencies (MDAs).”
 

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