FG approves pension increment after 21 years

The Nigerian government has approved an increment for Nigeria Social Insurance Trust Fund (NSITF) retirees after 21 years of protests.

The National Pension Commission, PenCom, made this known in a statement, revealing that a 1,173 percent increment was approved.

They also disclosed that 2,116 NSITF retirees will get a monthly pension of N159.95 million as well as an additional N8.70 billion in pension arrears.

“This marks the first pension increase for NSITF retirees in 21 years, addressing long-standing disparities and restoring the value of benefits in line with statutory provisions and prevailing economic conditions. Additionally, as part of the enhancement, the 2,116 NSITF retirees have received N8.70 billion in pension arrears. The average arrears payment amounted to about N3 million per retiree. In a particular instance, an NSITF retiree’s monthly pension was enhanced from about N18,000 to a whopping N206,000. In addition, the retiree was paid over N8 million as pension arrears,” the commission stated.