🇳🇬NigeriaWest Africa
Federal Government establishes special CBN account for retirees' benefits
via Punch Nigeria3 min read
The Federal Government has created a dedicated account with the Central Bank of Nigeria to manage and disburse funds for the newly approved Exit Benefit Scheme for retiring civil servants. This move aims to safeguard funds and ensure transparency in the payment of retirement benefits. The guideline, signed by the Head of the Civil Service of the Federation, Didi Walson-Jack, states that the special account will be domiciled with the CBN and managed by the National Pension Commission as the sole repository of funds for the scheme. This account will be used exclusively for financing the Exit Benefit Scheme, allowing for transparent tracking of inflows and outflows. The scheme, which became operational from January 1, 2026, will provide eligible employees of treasury-funded Ministries, Departments and Agencies who have served for a minimum of 10 years with an amount equivalent to 100 percent of their total annual emoluments upon retirement or disengagement. This new arrangement complements the existing Contributory Pension Scheme and is fully funded by the government as a non-contributory welfare initiative. The dedicated CBN account will receive periodic releases from the Federal Government's annual budget and any special allocations. PenCom will collate retirement data, establish a database of prospective retirees, and compute financial obligations. The Budget Office of the Federation will make annual appropriations, and the Federal Ministry of Finance will prepare quarterly c
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This summary was AI-generated from a story originally published by Punch Nigeria.
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