A total of N154.3 billion has been earmarked for pension payments of Federal Government retirees, including monthly pensions, arrears of gratuities and Group Life Insurance Policy. This was shown in the 2016 Appropriation Bill passed by the National Assembly on March 23, 2016. Out of this amount, the pension industry would receive N139.73 billion on pension payments, including monthly pensions, arrears and gratuities.
The insurance industry on its part would receive N14.69 billion earmarked for Group life for Ministries, Departments and Agencies (MDAs) of the Federal Government, including Department of State Security Service (DSS), Insurance of Sensitive Assets and Corpers. A breakdown of the budget showed that the military alone would receive N59.8 billion for payment of pensions and gratuities. It also showed that N7.41 billion was earmarked for Police Pension, while Customs, Immigration and Prisons Pension got N8.42 billion. Allocation to Department of State Security Service including arrears, got (N7.64 billion), Nigeria Intelligence Agency Pensions and dependants benefits received (N3.7 billion).
Meanwhile, N26.75 billion was budgeted for Parastatals Pension and Railway Pensions, while pre-1996 Nigeria Railway Corporation Pension got N2.25 billion.