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Pension, gratuities for FG retirees gulp N1.76trn in 4years

The Nigerian Pension Industry – A journey with definite destination (2)
Disengaged workers draw over N17bn from pension savings

Rises 15% in 2022 fiscal year

By Nkiruka Nnorom

Amidst withdrawals from their pension savings account, the Federal Government, FG, has spent a total of N1.76 trillion on pension, gratuities and retirees benefits in the last four years.

About N198.95 billion was allocated to this expenditure head in 2018, and it got over 160 percent jerk up to N528.07 billion in 2019.

READ ALSO:Disengaged workers draw over N17bn from pension savings

The allocation, again, rose to N536.72 billion in 2020, before a drop was recorded in the 2021 fiscal year at N501.19 billion.

Meanwhile the FG plans to spend about N577.36 billion for pension, gratuities and retirees benefits in 2022 fiscal year amidst the growing protests by pensioners across the country over unpaid benefits.

The 2022 figure represents a 15 percent increase against N501.19 billion appropriated in the 2021 budget.

The allocation covers payment for civilian pensions, military pensions and gratuities, national health Insurance Scheme (NHIS) military pension, Defence Intelligent Agency , DIA civilian staff pension and gratuities, police pensions and gratuities, customs, immigration and prisons pensions, universities pensions including arrears, parastatals’ pension and railway pensions, Department of State Security (DSS), Nigeria Intelligence Agency as well as severance benefits to retired heads of government agencies and parastatals.

Breakdown shows that N36.27 billion was earmarked as payment for civilian pensioners under the office of Head of Service of the federation; N237.78 billion was budgeted for military pensions and gratuities; military retirees under NHIS are expected to receive a total of N3.57 billion while police pensioners are expected to go home with N8.2 billion within the fiscal year.

Others include: DIA civilian staff pension and gratuities (N540.77 million); customs, immigration and prisons pensions (N8.37billion ); universities pensions including arrears (N15.54 billion ); parastatals’ pension and railway pensions (N30.50bn); Department of State Security (DSS), (N12.15billion ); DIA (N9.29billion ); and NELMCO pension arrears (N31.29billion ).

Others are: arrears of pension liabilities (N11 billion), defunct privatised agencies pension (N30.06billion), Pension Protection Fund (N10billion ), payment into Redemption Fund (N125 billion), benefits of retired heads of service, permanent secretaries and professors (N4.5billion), severance benefits to retired heads of government agencies and parastatals (N1billion), and entitlements of former presidents/heads of states and vice-presidents/chiefs of general staff (N2.3billion).

The post Pension, gratuities for FG retirees gulp N1.76trn in 4years appeared first on Vanguard News.

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