FG’s Spending On Pension, Gratuity Falls To N356bn – CBN Report

The Central Bank of Nigeria (CBN) has said the Federal Government’s expenditure on pensions and gratuity fell slightly by N3.48bn in 2021.

Naija News reports that the apex bank revealed this in its data on ‘Federal Government recurrent expenditure’ on its website.

According to figures obtained from the CBN, the amount spent fell from N359.6bn in 2020 to N356.12bn in the 2021 financial year.

Despite yearly allocations, the federal retirees have continued to complain of payment challenges, according to The Punch.

Pension Transitional Arrangement Directorate (PTAD) in charge of the Defined Benefits Scheme under the Federal Government, had earlier said it inherited pension liabilities totalling N129.48bn.

During a capacity workshop where a presentation titled ‘Parastatals Pension Department’ was delivered, it said PTAD inherited an estimated amount of N32.77bn, N28.96bn and N67.75bn owed pensioners of the Treasury Funded Parastatal, Ex-PHCN and defunct agencies respectively.

The directorate, however, said it had cleared almost all the pension liabilities and was ensuring that all outstanding arrears were taken care of.