Despite N44 Billion Disbursement for Accrued Rights, 18,000 Retirees Remain Unpaid – PenCom

By LOVETH AZODO, Lagos

The National Pension Commission (PenCom) has revealed that 18,000 retirees yet to receive their accrued rights, despite the Federal Government’s disbursement of N44 billion for payments between March and September 2023 as part of the 2024 budget appropriation for the period January to June

Speaking at the 2024 PenCom Media Conference themed “Tech-Driven Transformation: Shaping the Pension Landscape”, the Director General of PenCom, Ms. Omolola Bridget Oloworaran, highlighted the situation.

She noted that the disbursement from March to September demonstrated the strength of the Contributory Pension Scheme (CPS) but lamented the lack of funds to cover accrued rights since September 2023.

“We still have 18,000 Nigerians who haven’t received their accrued rights, which is a significant number. Unfortunately, we don’t have sufficient funds to cover payments from September 2023 to date,” Oloworaran said. “The persistent delays in the payment of accrued rights remain a challenge.”

She assured stakeholders that the Commission is actively engaging the Federal Government to develop a sustainable solution that ensures retirees receive their benefits promptly and with minimal delays.

Additionally, Oloworaran announced the introduction of a revised program withdrawal template designed to simplify access to voluntary contributions and align en-bloc payment thresholds with the new minimum wage. These reforms aim to make retirement processes more efficient and user-friendly.

She also highlighted the success of the e-Application Portal for Pension Clearance Certificates (PCC), launched in October 2024.

“This initiative replaces the previous manual process, allowing companies to seamlessly apply for and receive PCCs online. Since its deployment, the Commission has issued over 38,000 PCCs, significantly enhancing the ease of doing business and ensuring compliance,” she disclosed.

The Director General reiterated the Commission’s commitment to improving service delivery and minimizing delays, ensuring that pensioners can access their entitlements without undue stress.