The Federal Government owes 105,920 retirees about N705 billion, the National Pension Commission (PenCom), has said.
It urged the National Assembly to intervene by appropriating the needed fund to enable the government to meet up its obligations to its former employees.
In a memorandum submitted by the Director-General, National Pension Commission (PenCom), Ms Chinelo Anohu-Amazu, to the National Assembly Joint Committee on Appropriations, the organisation said the Federal Government owes its 2016 retirees N73.1 billion while N113 billion is required for the 2017 retirees.
“It also owes pension increase of 79,961 pensioners who retired under the CPS from 2004 to 2014 the sum of N79.2 billion, the sum of N10 billion being the Federal Government’s statutory contribution to the funding of the Pension Protection Fund and the sum of N440 billion being the shortfall in the retirement benefits of 24 retired Heads of Civil Service of the Federation, Federal Permanent Secretaries and 16 Federal Permanent Secretaries.”
