The federal government has approved the sum of N34 billion for the payment of accrued retirees’ entitlement.

The elderly on a queue for their deserved life long toil

This was made known by the National Pensions Commission (PENCOM)on Friday.

According to PENCOM, the payment is for those who have registered with the Pension Fund Administrators, under the Contributory Pension Scheme.

According to PENCOM, the approval was given by the Minister of Finance and Coordinating Minister for the economy, Dr.Ngozi Okonjo-Iweala, following the submission of the National Pensions Commission to the Senate.

It would be recalled that the Senate, earlier in the year investigated the allegations of fraud in the pensions industry.