The Federal Government has announced plans to start clearing the backlog of pensions for retirees under the Contributory Pension Scheme (CPS), beginning next week. This commitment was revealed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a peaceful rally organized by the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) at the Federal Ministry of Finance in Abuja on Tuesday.

Edun acknowledged retirees’ long-standing grievances over unpaid contributions, pledging that the government would make payments using funds from the current budget. “We will start next week to pay everything that we can under the current budget as approved by the National Assembly,” he said.

Edun assured the pensioners that addressing their needs remains a priority, recognizing the backlog’s impact on retirees. He mentioned that a coordinated plan involving the Office of the Head of Service, the Minister of Budget, and other relevant stakeholders is underway to address the issue in a sustainable way.

“There has been a committee under the Office of the Head of Service which has met with the Minister of Budget and myself. We have a plan for dealing with the backlog under the Contributory Pension Scheme (CPS). It has to be paid this year, and we are committed to starting from next week,” Edun stated.

Additionally, Edun suggested a long-term solution that may involve securing funds through the capital market to fully address the backlog. “It’s going to be a question of going to the capital market and raising an instrument that allows that backlog to be cleared once and for all,” he said.

Expressing disappointment over the need for a rally, Edun assured retirees that the government values their contributions and aims to address their concerns promptly. He pledged to remain accessible to pensioners and their leaders for future discussions.