The National Pension Commission (PenCom) has disbursed ₦577.26 billion to 1,053,000 Retirement Savings Account (RSA) holders to clear outstanding pension liabilities under the Contributory Pension Scheme.

The payment was funded through a ₦758 billion Federal Government bond issued to address accrued pension rights, pension increases, and contribution shortfalls. Of the total amount, ₦362.7 billion was paid for pension increases, while ₦107 billion covered the Federal Government’s 2.5 per cent contribution shortfall between 2017 and 2021, benefiting more than 750,000 contributors.

PenCom said all approved funds have been credited to beneficiaries’ RSAs, describing the disbursement as a significant step toward resolving long-standing pension arrears and restoring confidence in the pension system. Visit www.jocomms.com for more news.