The Federal Government of Nigeria has approved a bond issuance of ₦758 billion to settle outstanding pension liabilities, including increases owed to retirees since 2007. The announcement was made by National Pension Commission (PenCom) Director‑General Ms Omolola Oloworaran at a sensitisation workshop in Yola, held in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC). The workshop aims to educate employees and pensioners in the North‑East region about the workings of the Contributory Pension Scheme (CPS).
Oloworaran described the bond approval as a significant step by President Bola Tinubu’s administration to alleviate the plight of vulnerable pensioners and restore confidence in the pension system. She also highlighted other key interventions under the ongoing reforms. Pension increases have been granted to more than 241,000 retirees—about 80 % of those under the programmed withdrawal arrangement—raising monthly payments from ₦12.15 billion to ₦14.83 billion, effective June 2025. Additionally, the Commission has eliminated waiting times for pension payments, allowing retirees to access benefits immediately after retirement starting July 2025. A framework has also been developed to reintroduce gratuity for civil servants in line with the Pension Reform Act 2014, enhancing post‑retirement benefits and overall welfare.
The sensitisation workshop forms part of broader efforts to address misconceptions and build public confidence in the CPS. It provides a platform for engagement, feedback, and trust‑building with stakeholders. Speaking at the event, Mr Ekpo Nta, Chairman of the NSIWC, emphasized the importance of pensions in providing financial security in old age, reducing poverty, and preventing dependence on families and the government. The current administration’s pension reforms have introduced significant changes in pension administration, ensuring prompt and sustainable payment of retirees’ benefits.
The collaboration between PenCom and NSIWC was commended by the Director‑General of the National Orientation Agency, Malam Lanre Issa‑Onilu, who noted that the reforms will strengthen stakeholders’ confidence in government policies. The workshop reinforced the significance of the Contributory Pension Scheme and its benefits, highlighting the need for continued education and awareness to ensure a secure retirement for Nigerian workers.
Comments are closed for this story.