FG Approved 2023 Budget for Pensions
The Federal Government of Nigeria has approved N21,827,188,747,391 for Nigeria 2023 Budget out of which N854,812,179,406 was allocated to Pension, Gratuities and Retirees Benefits, representing about 3.92% of the total FG approved budget for 2023.
The theme for the 2023 budget is ‘Fiscal Consolidation and Transition’ and the Budget is the eighth and final budget of this Administration. FG said the Budget reflects the serious challenges currently facing our country, key reforms necessary to address them, and imperatives to achieve higher, more inclusive, diversified and sustainable growth.
The percentage of the approved budget for “Pension, Gratuities, and Retirees Benefit” to the total FG Budget for 2023 reduced from 4.17% for the proposed budget to 3.92% for the approved budget but the actual amount practically remained the same even though there were movements between funds allocated for two heads.
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Below is a summary and full breakdown of the FG Approved 2023 Budget for “Pension, Gratuities, and Retirees Benefit”.
Summary of the FG Approved 2023 Budget for Pension, Gratuities and Retirement Benefits
Breakdown of the FG Approved 2023 Budget for Pension, Gratuities and Retirement Benefits
| PENSION, GRATUITIES AND RETIREES BENEFITS | APPROVED BUDGET (N) | PROPOSED BUDGET (N) | DIFFERENCE (N) |
| TOTAL ALLOCATION | 854,812,179,406 | 854,812,179,408 | (2.00) |
| OFFICE OF THE HEAD OF CIVIL SERVICE (CIVILIAN) | 36,932,183,364 | 36,932,183,363 | 1.00 |
| GRATUITIES | 601,022,401 | 601,022,401 | – |
| PENSIONS | 34,872,319,859 | 34,872,319,859 | – |
| PENSION RUNNING COST | 523,084,798 | 523,084,798 | – |
| UNFUNDED LIABILITIES | 935,756,305 | 935,756,305 | – |
| MILITARY PENSIONS AND GRATUITIES (DMP) | 244,563,112,535 | 244,563,112,535 | – |
| PENSIONS | 149,429,387,739 | 149,429,387,739 | – |
| EXPECTED RETIREES | 36,653,532,442 | 36,653,532,442 | – |
| DEATH BENEFITS | 21,680,560,488 | 21,680,560,488 | – |
| ADMINISTRATIVE CHARGES | 202,781,436 | 202,781,436 | – |
| PENSION RUNNING COST | 360,000,000 | 360,000,000 | – |
| MEDICAL RETIREES | 909,298,893 | 909,298,893 | – |
| ARREARS OF GRATUITIES (JAN 2019 – DEC 2021) | 3,064,988,459 | 3,064,988,459 | – |
| ARREARS OF PENSIONS (JAN 2019 – DEC 2021) | 2,043,325,639 | 2,043,325,639 | – |
| ARREARS OF DEATH BENEFITS (JAN 2019 – DEC 2021) | 2,492,602,850 | 2,492,602,850 | – |
| ARREARS OF PENSIONS AS A RESULT OF CONSEQUENTIAL ADJUSTEMENT ON PENSIONS (APRIL 2019 – APRIL 2021) | 0 | 0 | – |
| VERIFICATION EXERCISE | 240,000,000 | 240,000,000 | – |
| SECURITY DEBARMENT ALLOWANCE (INCLUDING ARREARS FOR 2017, 2018 AND 2019) | 27,486,634,589 | 27,486,634,589 | – |
| PENSION, GRATUITIES AND RETIREES BENEFITS | APPROVED BUDGET (N) | PROPOSED BUDGET (N) | DIFFERENCE (N) |
| NHIS – MILITARY RETIREES | 3,571,846,330 | 3,571,846,330 | – |
| NHIS – MILITARY RETIREES – INCLUDING ARREARS | 3,571,846,330 | 3,571,846,330 | – |
| DIA CIVILIAN STAFF PENSION AND GRATUITIES | 603,059,007 | 603,059,007 | – |
| PENSION | 331,256,916 | 331,256,916 | – |
| GRATUITY | 137,887,636 | 137,887,636 | – |
| ADMINISTRATIVE CHARGES (INCLUDING VERIFICATION) | 133,914,455 | 133,914,455 | – |
| POLICE PENSIONS AND GRATUITIES | 8,865,447,818 | 8,865,447,818 | – |
| PENSIONS | 8,734,431,348 | 8,734,431,348 | – |
| PENSION RUNNING COST | 131,016,470 | 131,016,470 | – |
| UNFUNDED LIABILITIES | – | 0 | – |
| CUSTOMS, IMMIGRATION AND PRISIONS PENSION OFFICE | 10,071,632,273 | 10,071,632,273 | – |
| PENSIONS | 9,816,386,476 | 9,816,386,476 | – |
| PENSION RUNNING COST | 147,245,797 | 147,245,797 | – |
| GRATUITIES AND DEATH BENEFITS | 108,000,000 | 108,000,000 | – |
| UNFUNDED LIABILITIES | 0 | 0 | – |
| UNIVERSITIES PENSION INCLUDING ARREARS | 10,220,039,198 | 10,220,039,198 | – |
| PENSIONS | 10,220,039,198 | 10,220,039,198 | – |
| PENSION, GRATUITIES AND RETIREES BENEFITS | APPROVED BUDGET (N) | PROPOSED BUDGET (N) | DIFFERENCE (N) |
| PARASTATALS PENSION AND RAILWAY PENSIONS | 34,154,195,678 | 49,154,195,678 | (15,000,000,000.00) |
| PENSIONS | 27,175,605,615 | 27,175,605,615 | – |
| PENSION RUNNING COST | 978,600,063 | 978,600,063 | – |
| UNFUNDED LIABILITIES | 5,999,990,000 | 20,999,990,000 | (15,000,000,000.00) |
| DEPARTMENT OF STATE SECURITY | 18,476,981,906 | 18,476,981,906 | – |
| PENSIONS (INCLUDING ARREARS) | 12,006,106,942 | 12,006,106,942 | – |
| GRATUITY | 1,647,634,321 | 1,647,634,321 | – |
| DEATH BENEFITS | 696,523,788 | 696,523,788 | – |
| ARREARS OF PENSION (MINIMUM WAGE ADJUSTMENT – 2022) | 2,535,346,601 | 2,535,346,601 | – |
| ARREARS OF GRATUITIES – 2022 | 1,591,370,254 | 1,591,370,254 | – |
| NIGERIA INTELLIGENCE AGENCY | 10,449,436,023 | 10,449,436,023 | – |
| PENSIONS/DEPENDANTS BENEFITS | 6,960,871,270 | 6,960,871,270 | – |
| PENSION RUNNING COST | 300,000,000 | 300,000,000 | – |
| GRATUITY/LONG SERVICE SEVERANCE PACKAGE | 3,188,564,753 | 3,188,564,753 | – |
| ESTABLISHMENT OF NIA PENSION | 0 | 0 | – |
| NELMCO | 14,724,427,163 | 14,724,427,163 | – |
| NELMCO PENSIONS/ARREARS | 14,724,427,163 | 14,724,427,163 | – |
| PENSION RUNNING COST | 0 | 0 | – |
| PENSION, GRATUITIES AND RETIREES BENEFITS | APPROVED BUDGET (N) | PROPOSED BUDGET (N) | DIFFERENCE (N) |
| OTHER PENSIONS | 462,179,818,113 | 447,179,818,114 | 14,999,999,999.00 |
| ARREARS OF PENSION LIABILITIES | 0 | 0 | – |
| DEFUNCT PRIVATISED AGENCIES PENSION | 29,214,351,361 | 42,334,283,641 | (13,119,932,280.00) |
| DEFUNCT PRIVATISED AGENCIES PENSION (NITEL/MTEL, NICON, NIG. RE, NNN & FHA) | 13,119,932,280 | 0 | 13,119,932,280.00 |
| EX-PHCN (NELMCO) HERMONISATION AND MONITIZATION YEAR 2000 PENSIONERS | 15,000,000,000 | 0 | 15,000,000,000.00 |
| PAYMENT INTO REDEMPTION FUND | 268,702,315,305 | 268,702,315,305 | – |
| PENSION PROTECTION FUND | 10,000,000,000 | 10,000,000,000 | – |
| BENEFITS OF RETIRED HEADS OF SERVICE AND PERMANENT SECRETARIES AND PROFESSORS | 10,505,814,220 | 10,505,814,220 | – |
| 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 | – |
| INCREASE IN PENSION (2007, 2010 AND 2019) | 112,337,404,948 | 112,337,404,948 | – |
| OTHER SERVICE – WIDE VOTES (Pension related items only) | APPROVED BUDGET (N) | PROPOSED BUDGET (N) | DIFFERENCE (N) |
| PAYMENT OF OUTSTANDING DEATH BENEFIT TO CIVIL SERVANTS/POLICE | 7,766,257,523 | 7,766,257,523 | – |
| GROUP LIFE ASSURANCE FOR ALL MDAs INCLUDING DSS/INSURANCE OF SENSITIVE ASSETS/CORPERS PLUS ADMINISTRATION/MONITORING | 24,733,742,477 | 24,733,742,477 | – |
FG Approved 2023 Budget for Pensions
FG Proposed 2023 Budget for Pensions
FG Approved 2022 Budget for Pensions
FG Proposed 2022 Budget for Pensions
FG Approved 2021 Budget for Pensions
FG Proposed 2021 Budget for Pensions
FG Proposed 2020 Budget for Pensions
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