FG Informs Retirees That Pension Payments Depend on Available Funds

The Federal Government, through the Office of the Accountant-General of the Federation (OAGF), has announced that the payment of accrued pension rights under the Contributory Pension Scheme (CPS) is contingent on the availability of funds. This was disclosed in a memo signed by Musa Raheem, Director of Administration, and addressed to the National Union of Pensioners....CONTINUE READING>>>

The memo confirmed that allocations for January to March and April to June 2024 have been released to the National Pension Commission. It also assured that efforts are underway to release additional funds by year-end to reduce the outstanding liabilities under the CPS.

This announcement comes amidst rising tension as pensioners have threatened to stage a protest at the Ministry of Finance on December 16 if their 21-month backlog of pensions, from March 2023 to November 2024, is not paid. The pensioners had earlier held a peaceful rally at the Ministry on November 12, expressing frustration over unfulfilled promises despite reassurances from the Coordinating Minister of Finance and National Economy, Wale Edun.

The retirees are demanding immediate action to settle their arrears, including the release of unpaid pension increments of 15% (2007), 33% (2010), and 20%-28% (2024). They also called for a state of emergency in the CPS sector to address the backlog of government liabilities before the December 16 deadline.

The pensioners’ union leadership emphasized their resolve, stating that they have the full backing of members nationwide to press forward with their demands until they are met.