The Federal Government has released ₦44 billion to the Retirement Benefits Bond Redemption Fund account at the Central Bank of Nigeria to ease the backlog of unpaid pension rights for retirees under the Contributory Pension Scheme.
In a statement issued by the National Pension Commission (PenCom), the funds will cover retirees who were verified and enrolled between March and September 2023.
PenCom also instructed Pension Fund Administrators to expedite the disbursement process, ensuring that retirees receive their entitlements without further delays. This move underscores the government’s commitment to resolving pension payment challenges and enhancing the welfare of retired workers.
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