FG Proposed 2023 Budget for Pensions
The Federal Government of Nigeria has presented its proposed 2023 Budget to the National Assembly. The proposed budget for the 2023 fiscal year is N20,507,942,180,704 (Twenty Trillion, Five Hundred and Seven Billion, Nine Hundred and Forty-Two Million, One Hundred and Eighty Thousand, Seven Hundred and Four Naira) only.
The theme for the 2023 budget is ‘Budget of Fiscal Sustainability and Transition’, FG said its principal objective in 2023 is to maintain fiscal viability and ensure smooth transition to the incoming Administration.
The total proposed 2023 budget for “Pension, Gratuities, and Retirees Benefit” is N854,812,179,408 around 4.17% of the total FG Proposed 2023 Budget, an increase compared to the 3.52% proposed for “Pension, Gratuities, and Retirees Benefit” in 2022.
Below is a summary and full breakdown of FG Proposed 2023 Budget for “Pension, Gratuities, and Retirees Benefit”.
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Summary of the FG Proposed 2023 Budget for Pension, Gratuities and Retirement Benefits
Breakdown of the FG Proposed 2023 Budget for Pension, Gratuities and Retirement Benefits
| PENSION, GRATUITIES AND RETIREES BENEFITS – TOTAL ALLOCATION: | 854,812,179,408 |
| OFFICE OF THE HEAD OF CIVIL SERVICE (CIVILIAN) | 36,932,183,363 |
| GRATUITIES | 601,022,401 |
| PENSIONS | 34,872,319,859 |
| PENSION RUNNING COST | 523,084,798 |
| UNFUNDED LIABILITIES | 935,756,305 |
| MILITARY PENSIONS AND GRATUITIES (DMP) | 244,563,112,535 |
| PENSIONS | 149,429,387,739 |
| EXPECTED RETIREES | 36,653,532,442 |
| DEATH BENEFITS | 21,680,560,488 |
| ADMINISTRATIVE CHARGES | 202,781,436 |
| PENSION RUNNING COST | 360,000,000 |
| MEDICAL RETIREES | 909,298,893 |
| ARREARS OF GRATUITIES (JAN 2019 -DEC 2021) | 3,064,988,459 |
| ARREARS OF PENSIONS (JAN 2019 -DEC 2021) | 2,043,325,639 |
| ARREARS OF DEATH BENEFITS (JAN 2019 -DEC 2021) | 2,492,602,850 |
| ARREARS OF PENSIONS AS A RESULT OF CONSEQUENTIAL ADJUSTEMENT ON PENSIONS (APRIL 2019 -APRIL 2021) | 0 |
| VERIFICATION EXERCISE | 240,000,000 |
| SECURITY DEBARMENT ALLOWANCE (INCLUDING ARREARS FOR 2017, 2018 AND 2019) | 27,486,634,589 |
| NHIS -MILITARY RETIREES | 3,571,846,330 |
| NHIS -MILITARY RETIREES -INCLUDING ARREARS | 3,571,846,330 |
| DIA CIVILIAN STAFF PENSION AND GRATUITIES | 603,059,007 |
| PENSION | 331,256,916 |
| GRATUITY | 137,887,636 |
| ADMINISTRATIVE CHARGES (INCLUDING VERIFICATION) | 133,914,455 |
| POLICE PENSIONS AND GRATUITIES | 8,865,447,818 |
| PENSIONS | 8,734,431,348 |
| PENSION RUNNING COST | 131,016,470 |
| UNFUNDED LIABILITIES | 0 |
| CUSTOMS, IMMIGRATION AND PRISIONS PENSION OFFICE | 10,071,632,273 |
| PENSIONS | 9,816,386,476 |
| PENSION RUNNING COST | 147,245,797 |
| GRATUITIES AND DEATH BENEFITS | 108,000,000 |
| UNFUNDED LIABILITIES | 0 |
| UNIVERSITIES PENSION INCLUDING ARREARS | 10,220,039,198 |
| PENSIONS | 10,220,039,198 |
| PARASTATALS PENSION AND RAILWAY PENSIONS | 49,154,195,678 |
| PENSIONS | 27,175,605,615 |
| PENSION RUNNING COST | 978,600,063 |
| UNFUNDED LIABILITIES | 20,999,990,000 |
| DEPARTMENT OF STATE SECURITY | 18,476,981,906 |
| PENSIONS (INCLUDING ARREARS) | 12,006,106,942 |
| GRATUITY | 1,647,634,321 |
| DEATH BENEFITS | 696,523,788 |
| ARREARS OF PENSION (MINIMUM WAGE ADJUSTMENT- | 2,535,346,601 |
| ARREARS OF GRATUITIES -2022 | 1,591,370,254 |
| NIGERIA INTELLIGENCE AGENCY | 10,449,436,023 |
| PENSIONS/DEPENDANTS BENEFITS | 6,960,871,270 |
| PENSION RUNNING COST | 300,000,000 |
| GRATUITY/LONG SERVICE SEVERANCE PACKAGE | 3,188,564,753 |
| ESTABLISHMENT OF NIA PENSION | 0 |
| NELMCO | 14,724,427,163 |
| NELMCO PENSIONS/ARREARS | 14,724,427,163 |
| PENSION RUNNING COST | 0 |
| OTHER PENSIONS | 447,179,818,114 |
| ARREARS OF PENSION LIABILITIES | 0 |
| DEFUNCT PRIVATISED AGENCIES PENSION | 42,334,283,641 |
| PAYMENT INTO REDEMPTION FUND | 268,702,315,305 |
| PENSION PROTECTION FUND | 10,000,000,000 |
| BENEFITS OF RETIRED HEADS OF SERVICE AND PERMANENT SECRETARIES AND PROFESSORS | 10,505,814,220 |
| 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 |
| INCREASE IN PENSION (2007,2010 AND 2019) | 112,337,404,948 |
Also noted separately in the Budget was provisions for;
| PAYMENT OF OUTSTANDING DEATH BENEFIT TO CIVIL SERVANTS/POLICE | 7,766,257,523 |
| GROUP LIFE ASSURANCE FOR ALL MDAs INCLUDING DSS/INSURANCE OF SENSITIVE ASSETS/CORPERS PLUS ADMINISTRATION/MONITORING | 24,733,742,477 |
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
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