The federal government will begin clearing pension backlogs for retirees under the Contributory Pension Scheme (CPS) starting next week. Finance Minister Wale Edun announced the plan at a rally by the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) at the Federal Ministry of Finance in Abuja. Edun assured pensioners that the government would make payments using funds available in the current budget, which has been approved by the National Assembly.
Edun acknowledged the severe impact of the unpaid contributions on retirees and highlighted ongoing coordination with the Office of the Head of Service, the minister of budget, and other stakeholders to address the backlog sustainably. He further outlined plans to potentially raise funds through the capital market to clear the backlog permanently.
Expressing regret over the rally, Edun emphasised the government’s commitment to pensioners and pledged accessibility for addressing their concerns. “Any time you or your leaders seek an audience with me, I will be available in the office,” he promised.
NUPCPS national chairman Mr. Sylva Nwaiwu, called on the government to address additional pensioner grievances, including exclusion from National Minimum Wage adjustments and delayed release of accrued rights. Mrs. Christiana Ubah, a retiree from 2015, voiced frustration over unpaid pensions despite reports of growing pension assets, stressing the need for periodic pension increases in line with constitutional mandates.
Driving Aviation Growth Through Regional Collaboration