FG Releases N11.828bn For Pension Arrears, PENCOM Thanks Govt

ABUJA – The National Pension Commission (PENCOM) has confirmed Federal government approved N11.828 billion on Wednesday, January 6, 2021, to clear pension backlog.

According to Mr. Peter Aghahowa, the Head of Corporate Communications of Pencom in a statement rekeased to the media on Thursday, January 7, 2021, accrued rights represent benefits for employees of Treasury Funded Ministries, Departments and Agencies (MiDAs) who worked up to June 2004, when the Pension Reform Act was introduced.

Aghahowa expressed the commission’s appreciation over the effort of the Federal Government at ensuring that the accrued rights arrears were cleared. In 2017,

President Muhammadu Buhari similarly approved released of N41.5 billion for the clearance of backlog of inherited accrued pension benefit owed to retired pensioners.

The money was due to civil servants that retired under the Contributory Pension Scheme between 2014, 2015 and 2016 under accrued pension benefit.