The Federal Government has allocated N44 billion to cover the pension payments for retirees from various Ministries, Departments, and Agencies (MDAs) who retired between March and September 2023. This funding is included in the 2024 budget, which covers the period from January to June, and was released by the Office of the Accountant General of the Federation (OAGF).
The National Pension Commission (PenCom) has instructed that the fund be placed in the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria. This is to help pay off some of the pension benefits that haven’t been paid yet. The fund has been used to cover the pension rights of retirees who were properly checked and registered, including those who passed away, for the period from March to September 2023.
Retirees who need to access their retirement benefits should get in touch with their Pension Fund Administrators (PFAs) to finish the required paperwork. PenCom has asked PFAs to speed up the payment process so that retirees can quickly get what they are owed.
