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

The Federal Government has transferred N1.1 billion to 175 retirees under the newly implemented Exit Benefit Scheme, PenCom announced on Friday. The National Pension Commission revealed that the retirees exited the Federal Public Service between January 1 and August 31, 2026. This payment is made under the Federal Government Exit Benefit Scheme, EBS, which was approved by the Federal Executive Council and became effective on January 1, 2026.

The scheme offers an extra financial benefit to Federal Government workers at retirement, in addition to their pension benefits under the Contributory Pension Scheme. The 2026 Appropriation allocated N32.90 billion for the smooth implementation of the Additional Exit Benefits Scheme, with N12.3 billion already released into the dedicated Exit Benefit Scheme Account at the Central Bank of Nigeria.

The first payment of N1.1 billion to 175 retirees signifies the official launch of the Additional Exit Benefits Scheme for Federal Government retirees.