The Federal Government has directed the release of 54 billion Naira towards the settlement of inherited and current liabilities to Federal Government retirees under the Contributory Pension Scheme.

The presidential spokesman, Garba Shehu, said this when he featured on an interactive radio programme, “Hannu Da Yawa” on the Federal Radio Corporation of Nigeria, FRCN Kaduna.

The programme was part of activities to commemorate the second anniversary of the Buhari administration.

According to him, under the Buhari administration, the PTAD has saved N5.7 billion through the efficient administration of the pensions of parastatals and universities.

“In addition, pension assets increased from N4.96 trillion in June 2015 to N6.42 trillion as at March, 2017, indicating a growth of over 29 percent.

“The government of President Muhammadu Buhari will continue to ensure the strengthening and accountability of PTAD,’’ the presidential spokesman assured.

Shehu, who is the Senior Special Assistant to the President on Media and Publicity, said the Buhari administration had brought to an end the series of fraud and scandals around the issue of pensions in Nigeria.

He said that this feat was achieved by strengthening the Pension Transitional Arrangement Directorate (PTAD), which had introduced a number of innovative measures over the past two years.

Shehu noted that the Bank Verification Number (BVN) policy had also been implemented in the pension scheme, with over 103,000 civil service pensioners verified.