See how much FG budgeted for retirees in 2016

The DG however said the N50 billion is N41billion short of the N91billion requested from the Federal Government

 She attributed the growth in pension deficit to the financial crisis ravaging the country

The director-general, National Pension Commission (PenCom) Mrs Chinelo Anohu-Amazu, has revealed that the Buhari led federal government has N50 billion for retirees for this year.

According to the DG, this is N41billion short of the N91billion requested from the Federal Government by the PenCom adding that N91billion was needed to pay every retiree that will retire this year going by the Commission’s figures.

She said the problem only affect Federal Government employees, while those in the private sector do not have such issues because they are already funded.

She, however, noted that the government is making efforts to clear all outstanding pension. She attributed the growth in pension deficit to the financial crisis ravaging the country.

According to her, the funds are not available due to competing demands  for the available resources. She, however, assured that the outstanding payment will soon be effected.

Meanwhile, Buhari has unveiled his plans to develop the oil and gas industry around the Lake Chad Basin in the north-east as well as in the coastal states.

The president also announced he will launch several initiatives to ensure Nigeria hits a production target of 2.8 million barrels per day of crude oil