FG Sets up Committee to Reconcile Pension Liabilities

President Muhammadu BuhariPresident Muhammadu Buhari
  • FG Sets up Committee to Reconcile Pension Liabilities

President Muhammadu Buhari has approved the constitution of an inter-ministerial committee to reconcile outstanding pension liabilities of civil servants and proffer solutions to the lingering problems in the pension system.

The development was confirmed in a statement issued on Friday by the Media Adviser to the Minister of Budget and National Planning, Mr. Akpandem James.

The statement named the Minister of Finance, Mrs. Kemi Adeosun, as the chairman of the committee.

Other members include a representative of the Secretary to the Government of the Federation; representative of the Head of Service of the Federation; Accountant General of the Federation, Ahmed Idris; and Director-General, Budget Office, Ben Akabueze.

Others are the Director-General, National Pension Commission, Chinelo Anohu-Amazu; and Director-General, Pension Transition Arrangement Department, Mrs. Sharon Ikeazor, who will act as the secretary.

The committee, according to the statement, is saddled with the responsibility of reviewing and reconciling all pension liabilities of the Federal Government, and make recommendations as to what portion of the liabilities can be funded through budgetary appropriations.

It will also suggest creative ways of funding the balance and will conclude its assignment within four weeks after which a report will be sent to the President.

The Federal Government had on Wednesday said it had paid the inherited arrears of accrued pension benefits for 2014, 2015 and 2016 by releasing N41.5bn to the PenCom for onward payment to the retirees.

Adeosun confirmed the release of the money in a statement signed by the Director of Information in the Finance ministry, Salisu Dambatta.

She said that the sum of N12.5bn, being outstanding for January, February and March 2017, had also been settled based on the 2016 appropriation, bringing the total amount to about N54bn.

Adeosun added that the government was concerned about the plight of pensioners who retired under the Contributory Pension Scheme without getting paid.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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