The Federal Government has disbursed about N1.1bn to 175 retirees in exit benefits to retiring civil servants, who left the Federal Public Service between January 1 and August 31, 2026.
The National Pension Commission disclosed that The payment is being made under the Federal Government Exit Benefit Scheme, which was approved by the Federal Executive Council and took effect from January 1, 2026.
Under the arrangement, federal civil servants who have served for at least 10 years are entitled to an exit benefit equivalent to 100 per cent of their total annual emolument.
PenCom said the commencement of payment marks another development under the Contributory Pension Scheme, as the government seeks to provide retirees with benefits beyond the funds accumulated in their Retirement Savings Accounts during active service.
PenCom stressed that the payment does not replace the existing pension benefits available to retirees under the Contributory Pension Scheme.
