FG Approved 2021 Budget for Pensions - PensionNigeria

FG Approved 2021 Budget for Pensions

President Muhammadu Buhari has approved the 2021 Budget which was slightly increased from the proposed N13.08 trillion forwarded to the National Assembly to N13.59 trillion. The theme for the budget is “Budget of Economic Recovery and Resilience”.

The total approved budget for “Pension, Gratuities, and Retirees Benefit” was increased from N501.19 billion to N504.19 billion which represents an increase of N3 billion in Military pension only. The percentage of the approved budget for “Pension, Gratuities, and Retirees Benefit” compared to the Total Budget reduced from 3.83% to 3.71%.

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Summary of FG approved 2021 budget for Pensions

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Breakdown of FG approved 2021 budget for Pensions

PENSION, GRATUITIES AND RETIREES BENEFITSProposed Budget Approved Budget Addition 
TOTAL ALLOCATION:501,191,130,679504,191,130,6793,000,000,000
OFFICE OF THE HEAD OF CIVIL SERVICE (CIVILIAN PENSION)40,696,756,40140,696,756,401–  
GRATUITIES2,185,000,0002,185,000,000–  
PENSIONS38,381,756,40138,381,756,401–  
PENSION RUNNING COST130,000,000130,000,000–  
MILITARY PENSIONS AND GRATUITIES (DMP)183,748,495,159186,748,495,1593,000,000,000
PENSIONS133,596,383,192133,596,383,192–  
EXPECTED RETIREES28,541,561,61928,541,561,619–  
DEATH BENEFITS20,096,975,63023,096,975,6303,000,000,000
ADMINISTRATIVE CHARGES/RUNING COST154,500,142154,500,142–  
PENSION RUNNING COST100,000,000100,000,000–  
MEDICAL RETIREES1,259,074,5761,259,074,576–  
NHIS – MILITARY RETIREES8,571,846,3298,571,846,329–  
NHIS – MILITARY RETIREES – ARREARS 2014 – 20184,999,999,9994,999,999,999–  
NHIS – MILITARY RETIREES – INCLUDING ARREARS3,571,846,3303,571,846,330   –  
DIA CIVILIAN STAFF PENSION AND GRATUITIES507,225,684507,225,684             –  
PENSION238,075,794       238,075,794           –  
GRATUITY       223,038,464  223,038,464                –  
ADMINISTRATIVE CHARGES (INCLUDING VERIFICATION)                46,111,426               46,111,426                      –  
POLICE PENSIONS AND GRATUITIES7,408,000,0007,408,000,000                    –  
PENSIONS7,308,000,000            7,308,000,000              –  
PENSION RUNNING COST             100,000,000           100,000,000–  
CUSTOMS, IMMIGRATION AND PRISIONS PENSION OFFICE7,900,000,0007,900,000,000–  
PENSIONS7,800,000,0007,800,000,000                   –  
PENSION RUNNING COST            100,000,000100,000,000                   –  
UNIVERSITIES PENSION INCLUDING ARREARS15,537,657,501        15,537,657,501                      –  
PENSIONS        15,537,657,501         15,537,657,501                     –  
PARASTATALS PENSION AND RAILWAY PENSIONS30,502,699,59530,502,699,595                        –  
PENSIONS30,502,699,595         30,502,699,595                      –  
DEPARTMENT OF STATE SECURITY12,146,093,38912,146,093,389                      –  
PENSIONS (INCLUDING ARREARS)       9,647,031,216              9,647,031,216                       –  
GRATUITY            1,835,743,137           1,835,743,137                       –  
DEATH BENEFITS                663,319,037                663,319,037                        –  
NIGERIA INTELLIGENCE AGENCY9,326,641,1309,326,641,130                         –  
PENSIONS/DEPENDANTS BENEFITS               8,526,641,130              8,526,641,130                     –  
PENSION RUNNING COST       300,000,000     300,000,000                    –  
BOARD ESTABLISHMENT          500,000,000              500,000,000                     –  
NELMCO31,292,843,01431,292,843,014                     –  
NELMCO PENSIONS/ARREARS         31,292,843,014          31,292,843,014                     –  
OTHER PENSIONS153,552,872,477153,552,872,477                      –  
DEFUNCT PRIVATISED AGENCIES PENSION           20,000,000,000           20,000,000,000                           –  
PAYMENT INTO REDEMPTION FUND             100,000,000,000            100,000,000,000                           –  
PENSION PROTECTION FUND              20,000,000,000            20,000,000,000                         –  
BENEFITS OF RETIRED HEADS OF SERVICE AND PERMANENT SECRETARIES AND PROFESSORS                 4,502,491,809           4,502,491,809                        –  
SEVERANCE BENEFITS TO RETIRED HEADS OF GOVERNMENT AGENCIES AND PARASTATALS                1,000,000,000               1,000,000,000                        –  
ENTITTLEMENTS OF FORMER PRESIDENTS/HEADS OF STATES AND VICE PRESIDENTS/CHIEF OF GENERAL STAFF              2,300,000,000             2,300,000,000                         –  
PAYMENT OF OUTSTANDING TERMINAL BENEFITS OF NIGERIA AIRWAYS EX-WORKERS                5,750,380,668                 5,750,380,668                          –  

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