FG Proposed 2022 Budget for Pensions
The Federal Government of Nigeria has presented its proposed 2022 Budget to the National Assembly. The proposed budget for the 2022 fiscal year is N16,391,023,917,692 (Sixteen Trillion, Three Hundred and Ninety-One Billion, Twenty Three Million, Nine Hundred and Seventeen Thousand, Six Hundred and Ninety-Two Naira) only.
The theme for the 2022 budget is ‘Economic Growth & Sustainability’ and the Budget is expected to reposition the Nigerian economy on the path of growth and resilience. The total proposed budget for “Pension, Gratuities, and Retirees Benefit” is N577,362,188,760 around 3.52% of the total FG proposed budget for 2022.
Below is a summary and full breakdown of the budget for “Pension, Gratuities, and Retirees Benefit”.
Summary of the FG proposed 2022 budget for Pension, Gratuities and Retirement Benefits
Breakdown of the FG proposed 2022 budget for Pension, Gratuities and Retirement Benefits
| TOTAL ALLOCATION: | 577,362,188,760 |
|---|---|
| OFFICE OF THE HEAD OF CIVIL SERVICE (CIVILIAN PENSION) | 36,273,773,216 |
| GRATUITIES | 841,000,000 |
| PENSIONS | 30,202,855,229 |
| PENSION RUNNING COST | 155,219,276 |
| UNFUNDED LIABILITIES | 5,074,698,711 |
| MILITARY PENSIONS AND GRATUITIES (DMP) | 237,777,188,864 |
| PENSIONS | 146,538,694,356 |
| EXPECTED RETIREES | 33,416,640,817 |
| DEATH BENEFITS | 19,757,240,672 |
| ADMINISTRATIVE CHARGES | 193,125,178 |
| PENSION RUNNING COST | 180,000,000 |
| MEDICAL RETIREES | 1,769,576,053 |
| ARREARS OF GRATUITIES (JAN 2019 -DEC 2021) | 6,129,976,918 |
| ARREARS OF PENSIONS (JAN 2019 -DEC 2021) | 4,086,651,278 |
| ARREARS OF DEATH BENEFITS (JAN 2019 -DEC 2021) | 4,985,205,700 |
| ARREARS OF PENSIONS AS A RESULT OF CONSEQUENTIAL ADJUSTEMENT ON PENSIONS (APRIL 2019 -APRIL 2021) | 20,720,077,892 |
| NHIS – MILITARY RETIREES | 3,571,846,330 |
| NHIS – MILITARY RETIREES – INCLUDING ARREARS | 3,571,846,330 |
| DIA CIVILIAN STAFF PENSION AND GRATUITIES | 540,770,299 |
| PENSION | 276,642,497 |
| GRATUITY | 214,966,866 |
| ADMINISTRATIVE CHARGES (INCLUDING VERIFICATION) | 49,160,936 |
| POLICE PENSIONS AND GRATUITIES | 8,196,447,458 |
| PENSIONS | 7,894,312,913 |
| PENSION RUNNING COST | 118,414,694 |
| UNFUNDED LIABILITIES | 183,719,851 |
| CUSTOMS, IMMIGRATION AND PRISIONS PENSION OFFICE | 8,365,233,757 |
| PENSIONS | 8,231,757,396 |
| PENSION RUNNING COST | 123,476,361 |
| UNFUNDED LIABILITIES | 10,000,000 |
| UNIVERSITIES PENSION INCLUDING ARREARS | 15,537,657,501 |
| PENSIONS | 15,537,657,501 |
| PARASTATALS PENSION AND RAILWAY PENSIONS | 30,502,699,595 |
| PENSIONS | 30,502,699,595 |
| DEPARTMENT OF STATE SECURITY | 12,146,093,390 |
| PENSIONS (INCLUDING ARREARS) | 9,647,031,216 |
| GRATUITY | 1,835,743,137 |
| DEATH BENEFITS | 663,319,037 |
| NIGERIA INTELLIGENCE AGENCY | 9,291,192,224 |
| PENSIONS/DEPENDANTS BENEFITS | 8,991,192,224 |
| PENSION RUNNING COST | 300,000,000 |
| NELMCO | 31,292,843,014 |
| NELMCO PENSIONS/ARREARS | 31,292,843,014 |
| OTHER PENSIONS | 183,866,443,112 |
| ARREARS OF PENSION LIABILITIES | 11,000,000,000 |
| DEFUNCT PRIVATISED AGENCIES PENSION | 30,063,951,303 |
| PAYMENT INTO REDEMPTION FUND | 125,000,000,000 |
| PENSION PROTECTION FUND | 10,000,000,000 |
| BENEFITS OF RETIRED HEADS OF SERVICE AND PERMANENT SECRETARIES AND PROFESSORS | 4,502,491,809 |
| SEVERANCE BENEFITS TO RETIRED HEADS OF GOVERNMENT AGENCIES AND PARASTATALS | 1,000,000,000 |
| ENTITTLEMENTS OF FORMER PRESIDENTS/HEADS OF STATES AND VICE PRESIDENTS/CHIEF OF GENERAL STAFF | 2,300,000,000 |
Also noted separately in the Budget was a provision for;
| PAYMENT OF OUTSTANDING DEATH BENEFIT TO CIVIL SERVANTS/POLICE | 7,766,257,523.00 |
| GROUP LIFE ASSURANCE FOR ALL MDAs INCLUDING DSS/INSURANCE OF SENSITIVE ASSETS/CORPERS PLUS ADMINISTRATION/MONITORING | 24,733,742,477.00 |
FG Approved 2023 Budget for Pensions
FG Proposed 2023 Budget for Pensions
FG Approved 2022 Budget for Pensions
FG Proposed 2022 Budget for Pensions
FG Approved 2021 Budget for Pensions
FG Proposed 2021 Budget for Pensions
FG Proposed 2020 Budget for Pensions
Support PensionNigeria financially with N1,000 per Month HERE, or with any amount HERE
Empower us to do more independent analysis of the Pension Industry in Nigeria
Subscribe to PensionNigeria Daily News Broadcast on WhatsApp, just send “Subscribe” to 08160052802, PLEASE ensure you also save 08160052802 to your contacts as “PensionNigeria” to enable you receive the PensionNigeria News Broadcast.
Subscribe to PensionNigeria Daily Newsletter and get Today’s Top Pension News delivered straight into your email box every Evening.
If you have subscribed before and you still do not receive our Newsletter, please check your “Spam Folder”, if you find our Newsletter there, mark it as “NOT SPAM” or move it to your Inbox
Pension is Your Right,
An Insurance for Old Age
Follow PensionNigeria on Social Media LinkedIn Twitter Instagram Facebook YouTube
