Business Latest

Nigerian govt’s pension, gratuity spending hit N292bn in 2019 —CBN

ECONOMY: The road ahead is rough, really rough, Emefiele tells Senate

Government’s expenditure on pension and gratuity settlement came to N292.38 billion last year, the Central Bank of Nigeria (CBN) has said.

According to a report by the apex bank titled, Monthly FGN Finances, obtained on Sunday, the Nigerian government pension and gratuity spending in the first half of 2019 totalled N147.36 billion averaging N24.56 billion each month.

Expenditure between July and December was N145.02 billion, meaning it spent N24.17 billion for that purpose in each of the months.

Meanwhile, the Pension Transitional Arrangement Directorate (PTAD) disclosed on its website Friday it had made a one-off payment of the entitlements belonging to the third batch of 50 former Nigerian Aviation Handling Company staff.

Read also: CBN MPC Retains Lending Rate to Banks at 12.5%

It said earlier government was prepared to pay verified previous employees and next of kin of NAHCO’s ex-staff in fidelity to the takeover approval of issues related to the pension of some agencies privatised or liquidated by the Bureau of Public Enterprises in 2017.

PTAD, which is a government agency, comprises departments such the Customs, Immigration and Prison Services, Pensioner Support Services, Police Pension, Treasury Funded Parastatals Pension and Civil Service Pension.

However, the Security Agencies Pension and Military Pension departments are not part of PTAD in conformity with an act of the National Assembly.

Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

Do NOT follow this link or you will be banned from the site!