The National Pension Commission (PenCom) has announced the release of an additional ₦22 billion by the Federal Government to cover accrued pension rights for retirees under the Contributory Pension Scheme.

In a statement on its Instagram page Tuesday night, PenCom disclosed that the funds, disbursed through the Office of the Accountant General of the Federation, are intended for retirees of Ministries, Departments, and Agencies (MDAs) who retired between October 2023 and January 2024.

The funds were credited to the Retirement Benefits Bond Redemption Fund Account at the Central Bank of Nigeria and will also cover accrued rights for deceased employees. Verified retirees and beneficiaries have had the funds transferred to their Retirement Savings Accounts via Pension Fund Administrators (PFAs).

PenCom confirmed that the total disbursement for accrued rights in 2024 has now reached ₦66 billion. It directed PFAs to expedite the payment process for all verified retirees, who are advised to complete necessary documentation to access their benefits.

In December 2024, the government released ₦44 billion for accrued rights of retirees from March to September 2023 and deceased employees. However, the Centre for Pension Rights Advocacy previously criticized the government for selective payments, urging it to fulfill its legal obligations to retirees.