FG released ₦34.64 billion for Accrued Rights in 3 Months
The National Pension Commission (PenCom) has disclosed that the Federal Government released the sum of ₦34.64 billion for Accrued Rights payment to 9,707 active retirees and deceased employees. The amount was paid in July, August and September 2025.
| S/N | MONTH OF PAYMENT | NUMBER OF RECORDS | AMOUNT PAID (₦) |
|---|---|---|---|
| 1 | Jul-25 | 3,276 | 12,464,104,000.00 |
| 2 | Aug-25 | 4,218 | 14,634,269,000.00 |
| 3 | Sept-25 | 2,213 | 7,539,005,000.00 |
| Total | 9,707 | 34,637,378,000.00 |
These Accrued rights represent benefits earned before the introduction of the Contributory Pension Scheme (CPS) in 2004 and are funded by the Federal Government. The Central Bank of Nigeria (CBN) remits the funds into the Retirement Savings Account (RSAs) of eligible beneficiaries, alongside their accumulated pension contributions, as part of their retirement benefits.
The current administration should be highly commended for the remittance of outstanding accrued rights and the steps they are taking to clear decades old outstanding accrued rights. Delayed accrued rights payment is one of the fundamental reasons why the RSA balance of affected retirees are always small at retirement. Accrued Rights refer specifically to the retirement benefits earned by an employee from the date of employment to the date of commencement of the Contributory Pension Scheme (CPS), which was established by the Pension Reform Act (PRA) of 2004. When the CPS started in 2024, immediate remittance of accrued rights in 2004 would have been financially optimal for the employees and make their RSA balance grow exponentially through compounding, but the current “at retirement” model was adopted because it was the only fiscally viable option for the Government then to kickstart the new scheme while acknowledging its past liabilities. Unfortunately, alot of retirees didn’t even get their accrued rights at retirement, they got it months or years after retirement, so a government that has fashioned out a way to clear outstanding accrued rights and even start paying accrued rights before retirement, deserves some commendation.
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