FG disburses N1.1bn to retirees under new Exit Benefit Scheme

The Federal Government has already disbursed N1.1 billion to 175 retirees under treasury-funded Ministries, Departments and Agencies, MDAs.

The National Pension Commission, PenCom, disclosed this in a statement on Friday.

The commission said the retirees exited the Federal Public Service between January 1 and August 31, 2026.

According to the commission, the payment is being made under the Federal Government Exit Benefit Scheme, EBS, approved by the Federal Executive Council and effective from January 1, 2026.

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It noted that the scheme provides an additional financial benefit to Federal Government employees at retirement, alongside their pension benefits under the Contributory Pension Scheme, CPS.

“In ensuring the smooth implementation of the Additional Exit Benefits Scheme, the 2026 Appropriation provided the sum of N32.90 billion. So far, the Federal Government has released N12.3 billion into the dedicated Exit Benefit Scheme Account maintained with the Central Bank of Nigeria, CBN.

“The maiden payment of N1.1 billion to 175 retirees demonstrates that the Additional Exit Benefits Scheme for FGN retirees has officially commenced,” the statement said.