The Federal Government has commenced payment of additional exit benefits to retirees of Treasury-funded Ministries, Departments and Agencies.
The National Pension Commission disclosed this in a statement on Friday, saying N1.1bn had so far been paid to 175 retirees who exited the Federal Public Service between January 1 and August 31.
The payments are being made under the Federal Government Exit Benefit Scheme, approved by the Federal Executive Council and effective from January 1.
According to PenCom, federal workers who served for at least 10 years are entitled to an exit benefit equivalent to 100 percent of their total annual emolument at retirement, in addition to their regular pension benefits under the Contributory Pension Scheme.
PenCom said N32.9bn was provided in the 2026 Appropriation for the implementation of the scheme, while the Federal Government had released N12.3bn into its dedicated account with the Central Bank of Nigeria.
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The commission said retirees must submit relevant documents, including clearance letters and recent payslips, to their Pension Fund Administrators for verification.
It added that approved benefits would be credited to retirees’ Retirement Savings Accounts before being transferred to their designated salary bank accounts.
