FG disburses N1.1bn to retirees under new Exit Benefit Scheme

The Federal Government has already disbursed N1.1 cardinal to 175 retirees nether treasury-funded Ministries, Departments and Agencies, MDAs.

The National Pension Commission, PenCom, disclosed this successful a connection on Friday.

The committee said the retirees exited the Federal Public Service betwixt January 1 and August 31, 2026.

According to the commission, the outgo is being made nether the Federal Government Exit Benefit Scheme, EBS, approved by the Federal Executive Council and effectual from January 1, 2026.

It noted that the strategy provides an further fiscal payment to Federal Government employees astatine retirement, alongside their pension benefits nether the Contributory Pension Scheme, CPS.

“In ensuring the creaseless implementation of the Additional Exit Benefits Scheme, the 2026 Appropriation provided the sum of N32.90 billion. So far, the Federal Government has released N12.3 cardinal into the dedicated Exit Benefit Scheme Account maintained with the Central Bank of Nigeria, CBN.

“The maiden outgo of N1.1 cardinal to 175 retirees demonstrates that the Additional Exit Benefits Scheme for FGN retirees has officially commenced,” the connection said.

FG disburses N1.1bn to retirees under...