The Federal Government has released about 25 per cent of the total amount budgeted for pension arrears this year.
However, it has pledged to settle the N88bn earmarked for pension arrears in the 2024 budget.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the commitment on Tuesday when hundreds of frustrated retirees from Nigeria’s Contributory Pension Scheme staged a protest at the Federal Ministry of Finance in Abuja.
The retirees, angered by prolonged delays in the payment of their pension arrears, blocked the main entrance of the ministry demanding an audience with Edun.
Addressing the crowd, Edun disclosed that of the N88bn budgeted for pension arrears in 2024, N22bn had already been disbursed. He assured the retirees that the remaining funds would be paid by the end of the year, with disbursements set to commence next week.
Edun attributed the pension backlog to challenges within the older system while reaffirming the government’s commitment to resolving the issue.
