The Federal Government has pledged to settle outstanding pension arrears by the end of 2024, following a protest by retirees who are part of Nigeria’s Contributory Pension Scheme. 

The protest, which took place at the Federal Ministry of Finance in Abuja, saw hundreds of retirees block the ministry’s main entrance, demanding immediate attention and assurances from government officials.

In response to the protest, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, came forward to address the crowd. He acknowledged the retirees’ grievances and assured them of the government’s commitment to resolving the issue promptly. 

Edun revealed that out of the N88 billion allocated for pension arrears in the 2024 budget, approximately N22 billion had already been released.

“What has happened is that there is a backlog in terms of contributions, the backlog under the old system and there is a solution,” Edun said. 

He detailed that a committee led by the Head of Service had been collaborating with the Minister of Budget to create a comprehensive plan to address these arrears. This plan, he noted, would ensure that the remaining balance is cleared within the current fiscal year.

Highlighting the steps taken so far, Edun affirmed, “In addition, under the current budget (2024), there is about N88bn of which N22bn has been paid. And that balance, we are committed to paying it. It has to be paid this year. We are committed to doing that starting next week.”]

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