The Federal Government has spent N208.21bn on payment of pension and gratuity arrears in seven months, a new Central Bank of Nigeria report has revealed. The CBN’s statistical record on the Federal Government’s monthly finances showed that the amount was spent between January and July, 2021, amid rising fiscal deficits.
The data showed that the Federal Government spent N30.26bn and N30.25bn on pensions and gratuities in January and February, respectively. It also said the government spent N29.54bn each month from March to July.
The statistics also revealed that the Federal Government recorded N1.15tn, N394.53bn, N948.8bn and N664.5bn fiscal deficits in January, February, March and April. It added that the Federal Government recorded N596.84bn, N615.84bn and N637.77bn fiscal deficits in May, June and July respectively.
Recently, the National Pension Commission had said the Federal Government released N31.97bn for the payment of accrued pension rights to 2021 retirees of treasury-funded Ministries, Departments and Agencies.
The commission said this followed a recent release of N16.67bn in December. It said, “The National Pension Commission is pleased to announce an additional release of N31.97bn by the Federal Government for the payment of accrued pension rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies.
