FG pays N1.1bn to 175 retirees under new Exit Benefit Scheme

The Federal Government has disbursed N1.1 billion to 175 retirees who exited service between January and August 2026 under the newly launched Exit Benefit Scheme (EBS). The National Pension Commission (PenCom) confirmed this maiden payment in a Friday statement, noting the scheme provides additional lump-sum benefits alongside regular pensions under the Contributory Pension Scheme.

This payment draws from the N32.9 billion allocated in the 2026 Appropriation for EBS, with N12.3 billion already released to the dedicated account at the Central Bank of Nigeria. The scheme, approved by the Federal Executive Council and effective January 1, 2026, targets Federal Public Service retirees seeking extra financial support at retirement.

PenCom emphasized that this initial disbursement confirms the EBS is now operational, offering retirees a one-time exit benefit in addition to their monthly pensions. Eligible retirees exited MDAs during the first eight months of 2026, with payments processed through the treasury-funded framework.

If you retired from Federal Service between January and August 2026, have you verified your Exit Benefit Scheme payment status with your former agency or checked PenCom's portal for confirmation?

SOURCE: https://dailypost.ng/2026/09/11/fg-disburses-n1-1bn-to-retirees-under-new-exit-benefit-scheme/