FCTA Approves N1.2bn for Retirees’ Payment

  • FCTA Approves N1.2bn for Retirees’ Payment

The FCT Administration has approved the sum of N1, 284,000,000 for the payment of FCT retirees.

The Director and Chief Executive Officer, FCT Area Council Pension Board, Mr Nanzing Nden, made this revelation while briefing journalists recently.

He disclosed that the money would be used to settle 234 retired officers in the six area councils in addition to teachers in the councils.

He explained that the payment was one of the approvals the Board got from the former FCT Minister, Malam Muhammad Musa Bello, before he left office, which the Permanent Secretary, Chinyeaka Ohaa, followed up with a directive to the treasury for prompt payment.

Nden, also clarified that the benefits would only be paid to those that have submitted their documents and have been processed for payment up to April this year.

Briefing the media on some developments within the pension administration system in the FCT, he also revealed that the Board has a total liability of N138 million as outstanding liability for 31 files it received from May to date.

Nden that the Board would stick to the plan to pay pensioners three months before their retirement by September.

He further stressed that the ideas was to jettison the old system where by people retired and could not access their benefits for many years.

He promised that by the year 2020, the Board would actualise the vision to pay six months before the retirement year.

He disclosed the FCTA tender board had also approved that all the files of pensioners that have been paid through their system will be converted to e-files, adding that all the old files would be sent to FCT Archives for storage.

According to him, the board had got the nod from the administration for a consultancy for infrastructure and ICT deployment to help with system for accounting, auditing, pension administration and other services within the pension system.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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