Federal Government has given the green light for the issuance of ₦758 billion in bonds to settle outstanding pension liabilities, including arrears from pension increases dating back to 2007.
Ms. Omolola Oloworaran, Director-General of the National Pension Commission (PenCom), disclosed this during a two-day sensitisation workshop in Yola focused on the workings of the Contributory Pension Scheme (CPS) for employees and pensioners in the North-East.
Represented by PenCom’s Commissioner for Administration, Alhaji Bello Abubakar, Oloworaran described the approval as “a decisive move by President Bola Tinubu to bring relief to vulnerable retirees and rebuild trust in the pension system.”
According to her, the workshop is part of the commission’s broader reform drive aimed at deepening understanding of the CPS among workers, retirees, and other stakeholders.
She explained that the reforms also cover pension adjustments for over 241,000 retirees—representing 80 percent of those under the programmed withdrawal system.
> “The increases raised monthly pension payments from ₦12.15 billion to ₦14.83 billion, effective from June 2025,” Oloworaran said.
The PenCom boss further noted that retirees no longer face delays in receiving benefits.
> “Since July 2025, pensioners can now access their entitlements immediately after retirement,” she added.
She also revealed plans for the reintroduction of gratuity payments for federal civil servants, in line with Section 4(4) of the Pension Reform Act (PRA) 2014, noting that a framework is already in place to implement the initiative.
Oloworaran emphasised that these measures aim to “improve post-retirement welfare and enhance the dignity of pensioners.” She also noted that the sensitisation sessions would help dispel myths about the CPS while fostering dialogue, feedback, and trust between the government and pension stakeholders.
In his remarks, Mr. Ekpo Nta, Chairman of the National Salaries, Incomes and Wages Commission (NSIWC), represented by Mr. Chika Ochor, said the forum was vital to helping workers understand the benefits of the pension scheme. He stressed that a reliable pension system ensures financial independence in old age, reducing poverty and reliance on family or government support.
Nta highlighted the Tinubu administration’s “sweeping reforms in pension administration” to guarantee prompt and sustainable payment of benefits.
Similarly, Malam Lanre Issa-Onilu, Director-General of the National Orientation Agency (NOA), commended PenCom and NSIWC for their joint effort to close knowledge gaps on the CPS and digital enrolment process. He said the administration’s pension initiatives will “strengthen public confidence in government policies.”
Issa-Onilu reaffirmed NOA’s commitment to promoting civic values, public awareness, security consciousness, and disaster preparedness.
The event was jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC). (NAN)
