The federal government has approved the sum of N34 billion for the payment of accrued retirees’ entitlement.
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.
Disturbed by the plight of pensioners in the country, the Senate committee on Establishment and Public Service has resolved to investigate the management of the pension fund in the country.
Senate leader Victor Ndoma Egba at the hearing in Abuja asked the committee to bring to book those found to be involved in the mal-administration of the pension scheme.
The Senator questioned how fairly the nation is treating its old men and women after their toil for the nation.
Senator Ndoma Egba further noted that “today in the management of our pension, we hear mind-boggling stories. We hear some pension fund administrators are some of the richest Nigerians.” “If their wealth is from people’s pension, then that is blood money” he affirmed.
The head of the Senate committee, Senator Aloysius Etuk said the Committee is deeply worried that despite the N2 trillion so far paid by the federal government under the national pension scheme, many of the retirees are yet to be paid.
“This FCT public investigative hearing will enable federal and state agencies responsible for pension’s administration, funding and management to make their submission and also make on oath all information required from them.”
He said the committee was inundated with complaints from retired civil servants across the country over the delay in the payment of their retirement benefits.
The joint committee has held public hearings in five of the six geopolitical zones and is now holding the last set of public hearings in Abuja.