The Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) has called on the Federal Government to expedite the release of funds for the payment of accrued rights to retirees under the Contributory Pension Scheme (CPS).
Speaking at a press conference in Abuja on Wednesday, the National Chairman of NUPCPS, Mr. Sylva Nwaiwu, also urged the government to implement the approved N32,000 monthly pension increment. Nwaiwu revealed that workers who retired under the CPS as far back as March 2023—over 20 months ago—are yet to receive their retirement benefits.
“The Office of the Accountant-General of the Federation (OAGF) has not taken any action on this matter, and retirees under the CPS can no longer endure this neglect,” Nwaiwu stated.
He added that the OAGF had failed to release funds for the payment of accrued rights, which were already appropriated in the 2023 and 2024 budgets by the National Assembly.
In a stern warning, Nwaiwu noted that if the delays persist, pensioners might be left with no choice but to occupy the premises of the Accountant-General’s Office until their pension entitlements are paid.
He also called on the OAGF to account for the appropriated funds intended for accrued rights and pension increments, questioning whether these funds had been diverted or misused.
“It is time for Nigerians to know where the funds allocated for CPS retirees in the national budgets since 2019 have gone,” Nwaiwu remarked. He emphasised that the primary objective of the CPS was to ensure that retirees receive their benefits promptly, but alleged that the scheme has faced continuous sabotage.
He highlighted that despite efforts by previous administrations and the current government, led by President Bola Tinubu, to resolve the discrepancies in the CPS, the OAGF has been a stumbling block.
Nwaiwu explained that a high-level committee of pension stakeholders, appointed by Tinubu to address outstanding government liabilities in the CPS sector, had submitted its recommendations to the Federal Executive Council (FEC). However, no action has been taken to implement the recommendations or release the funds approved by the National Assembly.
“The Defined Benefit Scheme (DBS) has seen multiple pension increases over the years, yet retirees under the CPS have been left behind,” Nwaiwu added. He urged the government to immediately address the consequential pension adjustments that were approved following the National Minimum Wage (Amendment) Act of 2024, including the N32,000 monthly pension increment.
The Union had also formally submitted a letter to the Ministry of Finance in September, requesting prompt action on the issue. Pensioners across the country continue to await the fulfillment of these entitlements.
Comments powered by CComment