FG releases N11.8bn pension for MDA retirees, 10 months arrears still outstanding
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By Rosemary Iwunze
The Federal Government, yesterday, released the sum of N11.82 billion for payment of accrued rights for retirees of treasury funded Ministries, Departments & Agencies (MDAs) under the Contributory Pension Scheme (CPS).
Accrued rights represent benefits for employees of Treasury Funded MDAs who worked up to June 2004, before the Pension Reform Act that gave birth to the CPS was introduced.
However, Vanguard investigation shows that the amount will cover only two months arrears of January and February 2020. This is because the last payment for accrued rights was for December 2019. In essence, a backlog of ten months arrears is still outstanding.