FG Disburses N1.1bn to 175 Retirees Under New Scheme

The Federal Government of Nigeria has commenced the payment of additional exit benefits totaling approximately N1.1 billion to 175 retirees who left the Federal Public Service between January 1 and August 31, 2026. This payment is part of the Federal Government Exit Benefit Scheme, which was approved by the Federal Executive Council and took effect on January 1, 2026.

The National Pension Commission (PenCom) announced that this scheme provides additional financial benefits to eligible federal employees upon retirement, separate from their pension benefits under the Contributory Pension Scheme. Federal civil servants with at least 10 years of service are entitled to an exit benefit equivalent to 100% of their total annual emolument.

The 2026 Appropriation allocated N32.90 billion for the implementation of this scheme, with N12.3 billion already released into a dedicated Exit Benefit Scheme Account at the Central Bank of Nigeria. PenCom is collaborating with various stakeholders to ensure the smooth processing and payment of these benefits.