President Muhammadu Buhari administration has released N54 billion to clear part of the backlog of accrued pension rights for the years 2014, 2015 and 2016.
The Director of Information, Ministry of Finance, Salisu Danbatta disclosed this yesterday, saying that N41.5 billion had already been released to the National Pension Commission, PENCOM.
According to him the amount released was for onward payment to those who retired under the Contributory Pension Scheme and who were yet to be paid.
Danbatta quoted the Minister of Finance, Kemi Adeosun as saying that N12.5 billion, being outstanding for January, February and March 2017, was also released, bringing the total to about N54 billion.
The minister said that the amount paid also included arrears of those who retired as far back as 2013 and had been unable to access their pension under the contributory scheme due to non-payment.
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