The Business NG - November 29, 2024

In this issue

Nigeria’s federal government is facing increasing backlash from retirees as the struggle to clear a 21-month backlog of pension payments intensifies. Pensioners under the Contributory Pension Scheme (CPS) have expressed frustration over the government’s inability to meet its obligations, despite recent improvements in key economic sectors.
The Office of the Accountant General of the Federation (OAGF) has acknowledged the situation, explaining that pension payments are contingent on the availability of funds. In a recent memo to the National Union of Pensioners, the OAGF confirmed that allocations for the first half of 2024 had been released, but further disbursements remain uncertain, dependent on the availability of resources.
The unpaid pension liabilities have left retirees struggling financially, with many relying on the timely release of funds for basic living expenses. The union has demanded the immediate payment of the 21-month accrued rights from March 2023 to November 2024, as well as the long-overdue pension increments, including the 15% increase promised in 2007, 33% from 2010, and a 20-28% increase expected in 2024