Pension

FG budgets N103.07m pension for State House Hqters staff

Buhari

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Chuks Udo Okonta

The Federal Government has budgeted N103,065,827 million as 2017 pension contributions for staff of State House Headquarters, Inspen can report.

The amount is contained in the 2017 proposed budget presented by President Muhamadu Buhari to the National Assembly.

Recall the Federal Government has proposed N7.298 trillion for this year.

The government in recent times has accumulated over N140 billion pension liabilities, a development that has raised great concern amongst stakeholders.

According to the National Pension Commission (PenCom), from 2014, there has been a decline in budgetary provision in funding the Retirement Benefit Bonds Redemption Fund (RBBF) account and the remittance of monthly contribution, adding that sum of N20.07 billion was required to pay all outstanding accrued ​benefits for deceased and mandatory retirees of the Federal Government ​for the periods October to December 2015 and the sum of N79.16 Billion has been computed as the arrears of 15 per cent pension increase owed to 79,961 Federal Government retirees under the Contributory Pension Scheme (CPS) as at December, 2014.

PenCom also noted that N50.20 billion was provided for the 2016 FGN Budgetary Appropriation for the Retirement Benefits Bond Redemption Fund (RBBRF) Account, as against its projection of N91.91 billion, resulting in a shortfall of N41.71 billion.

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