adsThe Federal Government has paid about N1.1 billion to 175 retirees under its new Additional Exit Benefits Scheme, marking the commencement of a payment programme designed to provide retiring civil servants with a financial cushion beyond their regular pension benefits.
The beneficiaries are retirees of Treasury-funded Ministries, Departments and Agencies (MDAs) who exited the Federal Public Service between January 1 and August 31, 2026, the National Pension Commission has said.
Meanwhile, the Federal Government has so far released N12.3 billion into a dedicated Exit Benefit Scheme Account with the Central Bank of Nigeria (CBN), from the N32.90 billion provided in the 2026 Appropriation for the programme.
The scheme, approved by the Federal Executive Council and effective from January 1, 2026, provides eligible Federal Government employees who have served for at least 10 years with an additional exit benefit equivalent to 100 percent of their total annual emolument at retirement.
The commencement of payments adds a new layer of financial protection for public sector retirees, who under the Contributory Pension Scheme (CPS) ordinarily depend on the benefits accumulated in their Retirement Savings Accounts (RSAs) after leaving active service.adsads
