N13.2B PENSION CONTRIBUTION REMITS- FED GOVT

The Federal Government has released N10.3 billion for payment of pension contributions to pensioners, who retired in November and December 2015.

The government also released N2.9 billion to be paid to other batches of retirees, bringing the  amount released to N13.2 billion.

Consequently, the Central Bank of Nigeria (CBN) has paid the monies to Pension Fund Administrators (PFAs), who have commenced payment to retirees some of who confirmed the receipt of such payments to The Nation.

Findings have shown that the last Federal Government retirees  to receive pension after retirement were those who retired in October 2015.

This is because retirement benefits payment, which is the last stage of the Contributory Pension Scheme (CPS), has witnessed some setbacks in recent times due to Federal Government's inability to remit pension contributions and pay accrued rights.