Wike Releases N1.27Bn For Pension Payments

By: Lydia Fulani

The Minister of Federal Capital Territory (FCT), Barrister Nyesom Wike, has approved the release of N1.27 billion for the payment of 274 retirees of the Federal Capital Territory Administration (FCTA).

The approval includes for the payment of Accrued Rights Benefits to the affected staff, who retired from the services of the FCTA and for Group Life Insurance claims of 2013 to 2020.

The Director, FCT Pension Department, Mr. Rotimi Ajayi, made this disclosure during a chat in his office.

According to him, the Accrued Rights Benefit is Paid to staff, who were in service before the pension Reform ACT 2004, which gave birth to current contributory pension scheme (CPS).

Ajayi revealed that the Department will from next week issue out clearance letters to the retirees and next of kin of deceased staff to enable them access the retirement benefits from their various Pension Fund Administrators(PFAs).
He said that the sum of N1,027,923,591.74 is meant for both Retirees and Next of kin of deceased staff.

Breaking down the total sum, he stated that the payment of Accrued Rights Benefit to 166 is in sum of N584,180,747.78k under batch 56, while sum of N443,743,843.96k is to cater for the Next of kin of 108 deceased FCTA staff.

The Director said that monthly pension of retirees are paid timely as FCTA is committed to the welfare of its retirees.