Federal Government has settled arrears of pension benefit for the year 2014, 2015 and 2016 by releasing N41.5 billion to the National Pension Commission (PENCOM) for payment to the retirees.
A statement released by the Director of infomation Salisu Na’inna Dambatta of the ministry of finance said the sum of N12.5 billion being outstanding for January, February and March 2017 has been settled based on 2016 appropriation, bringing it 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,” kemi Adeosun minister of finance was quoted as saying in the statement.
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, 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).”