N193bn Debt: Pensioners Threaten Protest Against FG, 4 Governors

• Nigerian pensioners have been reportedly being owed a total sum of N193 billion by both the federal government and four state governments
• It was learnt that several states like Benue, Kaduna, Kano, Nasarawa and Zamfara are making major moves to clear the backlogs
• However, the pensioners have reportedly scheduled a one-day rally in Abuja to register their frustration about the government's slow implementation

The pension backlog in Nigeria has reached an alarming N193 billion, with the federal government owing N88 billion and states owing N105 billion.

This is according to The Punch, which also revealed that several states, such as Zamfara, Benue, Kaduna, Kano, and Nasarawa, are making efforts to clear their backlogs.

The Contributory Pension Scheme (CPS), introduced in 2004, requires employees and employers to contribute jointly to a Retirement Savings Account, making pensions more sustainable. The minimum combined contributions were initially set at 15% of an employee's monthly earnings but were later increased to 18% by the Pension Reform Act of 2014.

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Pensions cry out over N88bn FG backlog

Bunmi Ogunkolade, spokesman for the National Union of Pensioners, confirmed that the federal government still owes N88 billion in accrued rights under the CPS from March 2023. Ogunkolade emphasized that this is a government debt that needs to be settled.

A source at the National Pension Commission also acknowledged the issue, stating that efforts are underway to pay the accrued rights, although the process is yet to reach advanced stages.

Frustrated by the delayed payment, pensioners have scheduled a one-day rally in Abuja for October 23 to demand the release of funds and payment of outstanding accrued rights. The rally will take place at the Unity Fountain and other designated offices in Abuja.

Pensioners challenge Tinubu on wage promises

Legit.ng earlier reported that President Bola Tinubu-led federal government has been asked to fulfil its N25,000 wage award to pensioners.

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In a statement on Tuesday, August 27, the NUP recalled that the wage award was to cushion the pensioners' effects of the removal of the fuel subsidy.

Bunmi Ogunkolade, the pensioners' spokesperson, said the union had exploited several channels to appeal to the government to pay wages.

Recall that President Bola Tinubu-led federal government made the promise last year, but the retirees are yet to receive the payment, despite federal workers and some state workers receiving their palliative.

Source: Legit.ng