The federal government, through the National Pension Commission (PenCom), has announced the release of N44 billion by the Office of the Accountant General of the Federation (OAGF) for the payment of accrued pension rights.

The funds cover retirees of treasury-funded ministries, departments, and agencies (MDAs) under the Contributory Pension Scheme (CPS) and are part of the 2024 budget appropriation for January to June.

A statement issued by the Office of the Accountant General of the Federation on behalf of the National Pension Commission in Abuja explained that the funds have been deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria (CBN).

It said the payment applies to accrued pension rights for retirees verified and enrolled between March and September 2023, as well as some deceased employees.

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PenCom assured that remittances have been credited directly to the retirees’ Retirement Savings Accounts (RSAs) through their respective Pension Fund Administrators (PFAs).

It urged affected retirees to contact their PFAs to complete the necessary documentation to access their benefits.