FG Kicks off Payment of Additional Exit Benefits Scheme to Retirees - THISDAYLIVE
The federal government has commenced payment of Additional Exit Benefits to retirees of Treasury Funded Ministries, Departments and Agencies (MDAs).
This was disclosed by the National Pension Commission (PenCom) in a statement to the media.
The commission said so far government had paid approximately N1.1 billion to 175 retirees who exited the Federal Public Service between 1 January and 31 August 2026.
PenCom said the payment was being made under the Federal Government Exit Benefit Scheme (EBS), approved by the Federal Executive Council and effective from 1 January 2026.
According to the commission, the scheme provides an additional financial benefit to Federal Government employees at retirement, alongside their pension benefits under the Contributory Pension Scheme (CPS).
“Under the Scheme, 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.The commencement of payment marks yet another watershed moment for the CPS as efforts are intensified at delivering more benefits to retirees beyond what they have accumulated in their Retirement Savings Accounts during their service period,”it said.
PenCom further said it was noteworthy that the federal government had led the way in offering additional benefits to its retirees, which was worthy of replication by other employers.
According to the commission, to ensure 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).
PenCom said it was supporting the implementation of the scheme by working with the Office of the Head of the Civil Service of the Federation (OHCSF), the Office of the Accountant General of the Federation (OAGF), Pension Fund Administrators (PFAs) and other stakeholders to facilitate the processing and payment of the benefits.
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