FG Pays N1.1bn Additional Exit Benefits to 175 Retirees
The Federal Government has begun payment of additional exit benefits to retirees of Treasury-funded Ministries, Departments and Agencies (MDAs).
The National Pension Commission (PenCom) disclosed in a statement on Friday that it had paid about N1.1 billion to 175 retirees who exited the Federal Public Service between Jan. 1 and Aug. 31.
It said the payments were being made under the Federal Government Exit Benefit Scheme (EBS), approved by the Federal Executive Council and effective from Jan. 1.
According to PenCom, the scheme provides additional financial benefits to federal employees at retirement, alongside pension benefits under the Contributory Pension Scheme (CPS).
It said federal civil servants who had served for at least 10 years were entitled to an exit benefit equivalent to 100 per cent of their total annual emolument.
PenCom said the commencement of the payment marked a significant development in efforts to provide retirees with additional benefits beyond their Retirement Savings Account (RSA) balances.
It said the 2026 Appropriation provided N32.90 billion for the smooth implementation of the scheme.
“So far, the Federal Government has released N12.3 billion into the dedicated Exit Benefit Scheme Account maintained with the Central Bank of Nigeria (CBN).”
The commission said it was supporting the implementation of the scheme in collaboration with the Office of the Head of the Civil Service of the Federation (OHCSF), Office of the Accountant-General of the Federation (OAGF), Pension Fund Administrators (PFAs) and other stakeholders.
It said the collaboration was aimed at ensuring proper processing, verification and prompt payment of the benefits.
PenCom explained that retirees were required to submit relevant documents, including clearance letters and recent payslips, to their PFAs.
It said the PFAs would verify the records and forward the information to PenCom for further validation and approval.
“Once approved, the Exit Benefit is credited to the retiree’s RSA through the PFA, after which the PFA transfers the entire amount to the retiree’s designated salary bank account,” it said.
The commission emphasised that the payment was an additional benefit and would exist alongside the usual retirement benefits drawn from retirees’ RSA balances.
PenCom said the maiden payment demonstrated that the scheme had officially begun for retirees of Treasury-funded MDAs.
It noted that subsequent retirees who met the eligibility requirements would be entitled to an additional exit benefit equivalent to 100 per cent of their total annual emolument at retirement.
The commission said the scheme would provide additional financial support to retiring civil servants and strengthen efforts to improve the financial wellbeing of public service retirees.
It reaffirmed its commitment to working with relevant stakeholders to ensure the smooth implementation of the scheme and prompt payment of exit benefits. #FG Pays N1.1bn Additional Exit Benefits to 175 Retirees# PenCom Moves to Resolve Pension Dispute Among Lagos Retirees
