Buhari orders release of N54bn for retirees As pension assets hit N6.4trn
President Muhammadu Buhari has directed the release of N54 billion for the settlement of inherited and current liabilities to Federal Government’s retirees under the contributory pension scheme.
The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this yesterday during an interactive radio program, “Hannu Da Yawa” on the Federal Radio Corporation of Nigeria, Kaduna to commemorate the administration’s second anniversary.
He said Buhari also directed that regular monthly remittances be made into the Retirement Benefits Bond Redemption Fund with the Central Bank of Nigeria (CBN) to ensure the continuity of timely payment of benefits to retirees.
Shehu said under Buhari’s administration, the Pension Transitional Arrangement Directorate (PTAD) saved N5.7bn through the efficient administration of the pensions of parastatals and universities.
The presidential spokesman also stated that pension assets increased from N4.96 trillion in June 2015 to N6.42 trillion as of March, 2017, indicating a growth of over 29 percent.
He said Buhari’s administration had ended fraud and scandals in pension matters by strengthening the PTAD which had introduced a number of innovative measures over the past two years.
“One of these measures is the automation of pension payment processes. The Bank Verification Number policy has also been implemented in the pension scheme, with over 103,000 civil service pensioners verified. Pensioner records have also been digitalised for secure archiving, with thousands of old, physical pension folders converted to e-files,” he said.