Federal pensioners won’t have delays in receiving their pension payments after retirement, according to the National Pension Commission (PENCOM).
The panel added that the N14.5 trillion pension fund was not sitting on its hands because N9.5 trillion of it was invested in federal government securities, N1.23 trillion in stocks, and 35% of it was in the money market.
This information was provided to the Senate Committee on Finance by the Director-General (DG), PenCom, Aisha Dahir-Umar, during a recent meeting with government departments regarding the Fiscal Strategy Paper and Medium Term Expenditure Framework (MTEF) for the years 2023 to 2025. (FSP).
According to Dahir-Umar, the Federal Government has virtually finished clearing the backlog that has been holding up payments over the years.
She claims that over the past 17 years, the Federal Government has paid N49 billion per month to offset the rights that pensioners have accumulated.
“Late payment of pension to pensioners will be a thing of the past very soon as required steps in that direction have been taken by the government whose retirees are affected,” she said.
She briefed the committee on the progress of the N14.5 trillion available pension fund, stating that 35% of it is invested in the money market while the remaining 80% is allocated to government projects around the nation.
