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From Adanna Nnamani, Abuja
President Bola Tinubu has approved the issuance of a N758 billion Federal Government of Nigeria (FGN) bond to settle long-standing pension obligations, including arrears from pension increases owed since 2007.
The Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, disclosed this during a workshop on the workings of the Contributory Pension Scheme (CPS) for employers and pension desk officers in Abuja.
Oloworaran, who was represented by Mr Usman Musa, Director of the Contribution and Bond Redemption Department, said the CPS currently covers more than 10 million Nigerians, ranging from public service employees to private sector workers, artisans, and the self-employed under the Micro Pension Plan.
The DG added that the commission has introduced several initiatives to enhance retirees’ welfare.
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She said: “Pension assets have grown to over N25 trillion, fuelling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees. In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.”
“In line with our mandate to protect contributors and guarantee dignity in retirement, PenCom has rolled out key interventions that are changing lives.
They are, Pension Boost 1.0, enhancing pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.
Presently, it is zero waiting time for pension payments. Since July 2025, no retiree waits to access their pensions again; payments are now immediate, aligning with monthly salary releases from the Federal Ministry of Finance. There is the proposal for the reintroduction of gratuity for civil servants working with the Office of the Head of the Civil Service. A framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.”
