The government has allocated 25% of the total budget for pension arrears this year and plans to settle the remaining N88bn for pension arrears in the 2024 budget. The Minister of Finance assured retirees of timely disbursement, with N22bn already paid and the rest to follow by the end of the year. The government is exploring long-term solutions, including raising funds through the capital market to clear the pension backlog entirely. Retirees have expressed concerns over delayed payments, prompting the need for prompt action to alleviate financial hardships. The National Chairman of the Nigeria Union of Pensioners Contributory Pension Scheme Sector called for adjustments in pension rates and highlighted the challenges faced by retirees awaiting their benefits. The backlog of pensions owed by the federal and state governments has exceeded N193bn, with efforts being made to address the issue in various states.
FG releases 25% of budgeted N88bn for pension arrears
