FG Proposed 2022 Budget for Pensions – PensionNigeria

FG Proposed 2022 Budget for Pensions

The Federal Government of Nigeria has presented its proposed 2022 Budget to the National Assembly. The proposed budget for the 2022 fiscal year is N16,391,023,917,692 (Sixteen Trillion, Three Hundred and Ninety-One Billion, Twenty Three Million, Nine Hundred and Seventeen Thousand, Six Hundred and Ninety-Two Naira) only.

The theme for the 2022 budget is ‘Economic Growth & Sustainability’ and the Budget is expected to reposition the Nigerian economy on the path of growth and resilience. The total proposed budget for “Pension, Gratuities, and Retirees Benefit” is N577,362,188,760 around 3.52% of the total FG proposed budget for 2022.

Below is a summary and full breakdown of the budget for “Pension, Gratuities, and Retirees Benefit”.

Summary of the FG proposed 2022 budget for Pension, Gratuities and Retirement Benefits

Breakdown of the FG proposed 2022 budget for Pension, Gratuities and Retirement Benefits

TOTAL ALLOCATION:577,362,188,760
OFFICE OF THE HEAD OF CIVIL SERVICE (CIVILIAN PENSION)36,273,773,216
GRATUITIES841,000,000
PENSIONS30,202,855,229
PENSION RUNNING COST155,219,276
UNFUNDED LIABILITIES5,074,698,711
MILITARY PENSIONS AND GRATUITIES (DMP)237,777,188,864
PENSIONS146,538,694,356
EXPECTED RETIREES33,416,640,817
DEATH BENEFITS19,757,240,672
ADMINISTRATIVE CHARGES193,125,178
PENSION RUNNING COST180,000,000
MEDICAL RETIREES1,769,576,053
ARREARS OF GRATUITIES (JAN 2019 -DEC 2021)6,129,976,918
ARREARS OF PENSIONS (JAN 2019 -DEC 2021)4,086,651,278
ARREARS OF DEATH BENEFITS (JAN 2019 -DEC 2021)4,985,205,700
ARREARS OF PENSIONS AS A RESULT OF CONSEQUENTIAL ADJUSTEMENT ON PENSIONS (APRIL 2019 -APRIL 2021)20,720,077,892

NHIS – MILITARY RETIREES3,571,846,330
NHIS – MILITARY RETIREES – INCLUDING ARREARS3,571,846,330
DIA CIVILIAN STAFF PENSION AND GRATUITIES540,770,299
PENSION276,642,497
GRATUITY214,966,866
ADMINISTRATIVE CHARGES (INCLUDING VERIFICATION)49,160,936
POLICE PENSIONS AND GRATUITIES8,196,447,458
PENSIONS7,894,312,913
PENSION RUNNING COST118,414,694
UNFUNDED LIABILITIES183,719,851
CUSTOMS, IMMIGRATION AND PRISIONS PENSION OFFICE8,365,233,757
PENSIONS8,231,757,396
PENSION RUNNING COST123,476,361
UNFUNDED LIABILITIES10,000,000
UNIVERSITIES PENSION INCLUDING ARREARS15,537,657,501
PENSIONS15,537,657,501
PARASTATALS PENSION AND RAILWAY PENSIONS30,502,699,595
PENSIONS30,502,699,595

DEPARTMENT OF STATE SECURITY12,146,093,390
PENSIONS (INCLUDING ARREARS)9,647,031,216
GRATUITY1,835,743,137
DEATH BENEFITS663,319,037
NIGERIA INTELLIGENCE AGENCY9,291,192,224
PENSIONS/DEPENDANTS BENEFITS8,991,192,224
PENSION RUNNING COST300,000,000
NELMCO31,292,843,014
NELMCO PENSIONS/ARREARS31,292,843,014
OTHER PENSIONS183,866,443,112
ARREARS OF PENSION LIABILITIES11,000,000,000
DEFUNCT PRIVATISED AGENCIES PENSION30,063,951,303
PAYMENT INTO REDEMPTION FUND125,000,000,000
PENSION PROTECTION FUND10,000,000,000
BENEFITS OF RETIRED HEADS OF SERVICE AND PERMANENT SECRETARIES AND PROFESSORS4,502,491,809
SEVERANCE BENEFITS TO RETIRED HEADS OF GOVERNMENT AGENCIES AND PARASTATALS1,000,000,000
ENTITTLEMENTS OF FORMER PRESIDENTS/HEADS OF STATES AND VICE PRESIDENTS/CHIEF OF GENERAL STAFF2,300,000,000

Also noted separately in the Budget was a provision for;

PAYMENT OF OUTSTANDING DEATH BENEFIT TO CIVIL SERVANTS/POLICE7,766,257,523.00
GROUP LIFE ASSURANCE FOR ALL MDAs INCLUDING DSS/INSURANCE OF SENSITIVE ASSETS/CORPERS PLUS ADMINISTRATION/MONITORING  24,733,742,477.00

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