Nigerian government releases N54bn to settle workers’ pension

Nigerian Government has directed the release of N54 billion towards the settlement of inherited and current liabilities to Federal Government retirees under the Contributory Pension Scheme.


Presidential spokesman, Malam Garba Shehu, made the disclosure in an interactive radio programme, “Hannu Da Yawa” on the Federal Radio Corporation of Nigeria, FRCN Kaduna.

He said the administration had further directed that regular monthly remittances be made into the Retirement Benefits Bond Redemption Fund (RBBRF) with the Central Bank of Nigeria to ensure the continuity of timely payment of benefits to retirees.

Shehu added that Pension Transitional Arrangement Directorate (PTAD) has saved N5.7 billion through the efficient administration of the pensions of parastatals and universities.

“In addition, pension assets increased from N4.96 trillion in June 2015 to N6.42 trillion as at March, 2017, indicating a growth of over 29 percent.

“The government of President Muhammadu Buhari will continue to ensure the strengthening and accountability of PTAD”, he said.

The aide pointed out that Buhari administration had brought to an end the series of fraud and scandals around the issue of pensions in Nigeria by strengthening the PTAD.

Shehu noted that the Bank Verification Number (BVN) policy had also been implemented in the pension scheme, with over 103,000 civil service pensioners verified.

“Pensioner records have also been digitalised for secure archiving, with thousands of thousands of old, physical pension folders converted to e-files.

“In addition, the government of President Buhari has enforced a new level of commitment to the welfare of pensioners and retirees, with the PTAD creating an automated and centrally administered complaints management process with a dedicated call centre that receives and treats over 200 calls on a daily basis,”.