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Buhari Approves and Disburses Pension Funds

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A release of 54 billion naira as an accrued pension right ranging from 2014, 2015 to 2016 has been endorsed and disbursed by the present administration. The Director of Information, Ministry of Finance, Mr. Salisu Danbatta said that a total of 41.5 billion naira as at Wednesday was disbursed already to the National Pension Commission (PENCOM). This was released to redeem the outstanding payment of those who retired under the contributory scheme.

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Mr. Danbatta quoted the Minister of finance, Mrs kemi Adeosun saying that 12.5 billion naira was the outstanding payment for January,February and March 2017 totaling the sum to 54.5 billion naira.

“Despite conflicting demands for available cash, President Muhammadu Buhari has always expressed concern over 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,” she said.

The minister further said that incorporated in the sum where those outstanding payment as far back 2013. Pension fund administrators from now hence forth have been issued a mandate, preventing retirees from having access to their pension fund to enable the Federal Government settle backlog of accrued rights.

Public service workers who migrated to Contributory Pension scheme (CPS) in 2004, are now entitled to two retirement benefit which is the accrued contributions in their RSA and their accrued rights as well from the time they joined the service to the time they migrated to CPS.

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Public servants who retired since January 2016 had staged a protest at the Federal Ministry of Finance headquarters  in Abuja of unpaid pension  summing a total of 200 billion naira.

In a reaction to the latest release of funds,Mr. Oghechi when contacted by the News Agency of Nigeria stated, “N54 billion will clear much of the backlog of our pension, but not all. So the struggle still continues”.


Finally, Mrs Kemi Adeosun stated that in order to avoid future accumulation of pension fund, 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).”

 
 
1 Comment

1 Comment

  1. Minnie

    May 20, 2017 at 7:41 am

    A bit supsirred it seems to simple and yet useful.

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