Pension Payments Subject to Funding - FG
The Federal Government has revealed that pension payments under the Contributory Pension Scheme will only be paid when funding is available.
This was stated in a memo from the Office of the Accountant General of the Federation. The document, signed by Musa Raheem, Director of Administration, was addressed to the National Union of Pensioners.
The memo confirmed the release of payment for January to March and April to June 2024 to the National Pension Commission.
“Efforts are ongoing to secure additional funds before the year ends,” it added. “This aims to address the backlog of pension liabilities.”
The Accountant General assured pensioners of his “warm regards” while acknowledging the delay.
Despite these assurances, retirees are growing increasingly frustrated.
They accuse the government of failing to honor promises to credit the accrued rights account and other funding.
On November 12, 2024, pensioners staged a peaceful protest at the Ministry of Finance.
At the rally, they commended the Coordinating Minister of Finance, Wale Edun, for his “mature and respectful” handling of their concerns.
However, retirees warned that they are prepared to escalate their actions.
The pensioners have vowed to occupy the Ministry of Finance on December 16 if the 21-month backlog remains unpaid.
This backlog, spanning from March 2023 to November 2024, has left many retirees in financial hardship.
In addition to clearing the backlog, retirees are demanding long-overdue pension increases.
The demands include a 15% increment from 2007, a 33% adjustment from 2010, and a recent 20% to 28% increase approved in 2024.
Union leaders have urged the Federal Government to declare a state of emergency in the pension sector.
“All liabilities must be cleared by December 16,” they insisted. “We have the full support of our members nationwide and won’t back down.”
The looming protest has sparked concern across the country.
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Observers wonder if the government will meet retirees’ demands or risk forcing them into drastic measures.
The clock is ticking, and pensioners are determined to take action if their grievances are ignored.
