FG Disburses N1.1 Billion in Exit Benefits to Retirees

The Federal Government of Nigeria has paid about N1.1 billion in additional exit benefits to 175 retirees of Treasury-funded Ministries, Departments, and Agencies (MDAs) who exited the Federal Public Service between January 1 and August 31, 2026. This payment was made under the Federal Government Exit Benefit Scheme (EBS), which became effective on January 1, 2026, following approval by the Federal Executive Council.

The scheme aims to provide additional financial benefits to eligible federal employees upon retirement, alongside pension benefits under the Contributory Pension Scheme (CPS). Eligible federal civil servants who have served for at least 10 years can receive an exit benefit equivalent to 100% of their total annual emolument at retirement.

The Pension Fund Administrators (PFAs) are tasked with verifying retirees' records before forwarding them to the National Pension Commission (PenCom) for validation and approval. The payment process involves collaboration with the OHCSF, OAGF, PFAs, and other stakeholders.

PenCom has also introduced measures to enhance pension administration accessibility and improve pension records accuracy.