FG begins disbursing exit benefits, 175 retirees receive ₦1.1bn

The federal government has begun paying the newly introduced exit benefit for retiring federal civil servants, with about ₦1.1 billion paid to 175 retirees, according to Peoples Gazette. The National Pension Commission said the beneficiaries retired from treasury-funded ministries, departments and agencies between January and August.

The payment implements the Federal Government Exit Benefit Scheme, approved earlier this year, which grants eligible retirees with at least 10 years of service an additional benefit equal to 100 per cent of their annual emolument.

PenCom said ₦32.90 billion was budgeted for the scheme in 2026, with ₦12.3 billion released so far into a dedicated account at the Central Bank of Nigeria. The commission said it is working with relevant agencies to process further payments.