PenCom says FG has paid N1.1bn exit benefits to retirees in 2026

 The federal government has paid about N1.1 billion in
additional exit benefits to 175 civil servants who retired from Treasury-funded
ministries, departments and agencies (MDAs) between January 1 and August 31,
2026.

 

The National Pension Commission (PenCom) announced this on
Friday, saying the payments are being made under the federal government exit
benefit scheme (EBS).

PenCom said the scheme was approved by the federal executive
council (FEC) and took effect from January 1, 2026.

“The Scheme provides an additional financial benefit to
Federal Government employees at retirement, alongside their pension benefits
under the Contributory Pension Scheme (CPS),” the commission said.

According to PenCom, federal civil servants who have served
for at least 10 years are entitled to an exit benefit equivalent to 100 percent
of their total annual emolument.

The agency said N32.9 billion was provided in the 2026
appropriation for the scheme, while the federal government has released N12.3
billion into a dedicated exit benefit scheme account with the Central Bank of
Nigeria (CBN).

PenCom said about N1.1 billion of the released funds has so
far been paid to the 175 retirees.

“The commencement of payment marks yet another watershed
moment for the CPS as efforts are intensified at delivering more benefits to
retirees beyond what they have accumulated in their Retirement Savings Accounts
during their service period,” the commission said.

The commission said it is working with the office of the
head of the civil service of the federation, the office of the
accountant-general of the federation and pension fund administrators (PFAs) to
process the benefits.

PenCom said retirees are required to provide their clearance
letters and recent payslips to their PFAs.

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