FG has begun N1.1bn Exit Benefit Payments to 175 Federal Retirees.
NewsOnline Nigeria reports that the Federal Government has commenced the payment of additional retirement benefits to workers who exited the Federal Public Service, with N1.1 billion already disbursed to 175 retirees under treasury-funded Ministries, Departments and Agencies (MDAs).
The National Pension Commission (PenCom) disclosed this in a statement issued on Friday.
According to the commission, the beneficiaries retired from the Federal Public Service between January 1 and August 31, 2026.
PenCom said the payment was being made under the Federal Government Exit Benefit Scheme (EBS), approved by the Federal Executive Council and effective from January 1, 2026.
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The scheme provides an additional financial benefit to eligible Federal Government employees upon retirement, separate from their pension benefits under the Contributory Pension Scheme (CPS).
PenCom said N32.90 billion was provided for the implementation of the scheme in the 2026 Appropriation.
So far, the Federal Government has released N12.3 billion into the dedicated Exit Benefit Scheme Account maintained with the Central Bank of Nigeria (CBN).
“In ensuring the smooth implementation of the Additional Exit Benefits Scheme, the 2026 Appropriation provided the sum of N32.90 billion. So far, the Federal Government has released N12.3 billion into the dedicated Exit Benefit Scheme Account maintained with the Central Bank of Nigeria, CBN,” PenCom stated.
The commission described the initial disbursement as a major milestone in the implementation of the new benefit programme.
“The maiden payment of N1.1 billion to 175 retirees demonstrates that the Additional Exit Benefits Scheme for FGN retirees has officially commenced,” the statement added.
The scheme is expected to provide additional financial support to eligible federal retirees alongside their regular pension entitlements under the contributory pension system.
