Federal Government Budgets N50b For Retirees

 Federal Government Budgets N50b For Retirees

Federal-Government-of-NigeriaThe Federal Government has budgeted N50 billion for retirees for this year.
This is N41billion short of the N91billion requested from the Federal Government by the National Pension Commission (PenCom)
The Director-General, National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, who spoke to reporters in Lagos, said the outstanding accrued rights yet to be paid by the Federal Government to pensioner stands at N20billion and the figure might rise to N61 billion, if the N41 billion outstanding accrued pension rights for this year is added.
According to her, if the N50billion requested is funded by the government, there will still be a deficit, noting that N91billion was needed to pay every retiree that will retire this year going by the Commission’s figures.
She said the problem only affect Federal Government employees, while those in the private sector do not have such issues because they are already funded.
She, however, noted that the government is making efforts to clear all outstanding pension.
She attributed the growth in pension deficit to the financial crisis ravaging the country.
According to her, the funds are not available due to competing demands for the available resources.
She, however, assured that the outstanding payment will soon be effected.

LTV

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