The Federal Government has cleared pension arrears amounting N54 billion for the year 2014, 2015 and 2016.
The Minister of Finance, Mrs. Kemi Adeosun who disclosed this in Abuja, Wednesday, said that N41. 5 has been paid National Pension Commission (PENCOM) for onward payment to the retirees, who retired under the Contributory Pension Scheme.
She also announced that the sum of N12.5 billion being outstanding for January, February and March 2017 has been settled based on 2016 appropriation.
“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,” Mrs. Adeosun said.
She added, “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, Mrs. 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).”