Nigerian Government set to commence payment of pension arrears –Minister

*Olawale Edun, Minister for Finance and Coordinating Minister of the Economy, discloses the Federal Government of Nigeria will begin payment of pension backlog, next week, with a view to taking care of every pensioner

Alexander Davis | ConsumerConnect

Referencing earlier approval by the National Assembly (NASS), Abuja, FCT, Mr. Olawale Edun, Honourable Minister for Finance and Coordinating Minister of the Economy has disclosed the Federal Government will begin payment of pension backlog soon.

The Minister said this Tuesday, November 12, 2024, during a peaceful rally by the Nigerian Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) at the Federal Ministry of Finance, in Abuja.

Edun reportedly noted: “We will start next week to pay everything that we can under the current budget, as approved by the National Assembly.

“What has happened now is that there is backlog in terms of contributions and there is a solution.”

He also stated: “There has been a committee under the Office of the Head Of Service which has met the minister of budget, and I.

“We have a plan for dealing with the backlog under the Contributory Pension Scheme (CPS).”

The Coordinating Minister of the Economy said: “We are committed to paying it. It has to be paid this year.

“We are committed to doing that starting from next week.

“We have to have a solution that takes care of everybody, and that is being worked on.”

Edun further stated: “It’s going to be a question of going to the capital market and raising an instrument that allows that backlog to be cleared once and for all.

“We are going to present to the president, a viable solution using the financial market taking care of the huge backlog under the CPS.”

Government is committed to pensioners’ welfare, says Edun

Addressing the pensioners during the rally Tuesday, the Minister restated the Federal Government’s commitment to pensioners’ welfare in Nigeria.

He averred: “I am not happy that you have had to take this step, and I assure you that any time that you or your leaders seek audience with me, I will be available in the office.”

Edun also explained: “I was not aware of the November 11 deadline, otherwise I would never have allowed a situation like this.

“In spite of your age, your situation in terms of cost of living, it costs money to come here.

“I would have avoided that as much as I could.”

Speaking during the rally, Sylva Nwaiwu, National Chairman of NUPCPS, said the CPS had never benefited from any increment of the National Minimum Wage Act.

Nwaiwu said that the Federal Government had not released accrued rights for pensioners for over 20 months (since March 2023 till date), according to report.

The National Chairman said: “Our senior citizens are suffering, after using our youthful years to serve our father land and we get this in return.

”Please use your good office to help us. Some of our members are bedridden and some have died in the struggle.”

Nwaiwu added: “We cannot feed ourselves, take care of our family or take care of our medical bills anymore.”

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