Acting Director-General of PenCom, Aisha Dahir-Umar, says N86.7 billion was released to sacked workers in several companies who took part in the Contributory Pension Scheme.
Speaking on Monday in Lagos, Dahir-Umar said the money was for the settlement of 275,172 disengaged staff as it stands for the amount paid from 2004, when the CPS came into effect, to June 2018.
This is as he noted that the figure was one percent of the N8.23 trillion pension assets.
“The lean prospect of finding a new job after the loss of an earlier job was responsible for the increase in demand to access 25 percent of pension contributions,” she said.
“The PRA 2014 allows contributors, under the age of 50 years, who were disengaged from work and were unable to secure another job within four months of disengagement, to access 25 percent of their respective Retirement Savings Accounts.