The Federal Government has approved the issuance of ₦758 billion in bonds to offset long-standing pension liabilities, including arrears of pension increases dating back to 2007.
Director-General of the National Pension Commission (PenCom), Mrs. Omolola Oloworaran, disclosed this on Thursday in Yola during a two-day sensitisation workshop on the workings of the Contributory Pension Scheme (CPS) for employees and pensioners in the North-East.
Oloworaran, who was represented by PenCom’s Commissioner for Administration, Alhaji Bello Abubakar, described the approval as a bold and compassionate step by President Bola Tinubu to bring relief to vulnerable retirees and restore confidence in the nation’s pension system.
“The approval is a significant milestone by President Tinubu to provide succour to pensioners and strengthen trust in the pension administration framework,” she said.
She explained that the workshop was part of ongoing reforms aimed at enhancing awareness and deepening public understanding of the CPS among retirees and key stakeholders.
According to her, several major interventions have been introduced under the reform drive, including pension increases for more than 241,000 retirees — representing about 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly payments from ₦12.15 billion to ₦14.83 billion, effective from June 2025,” she said.
Oloworaran further revealed that PenCom had eliminated the waiting period for pension payments.
“Since July 2025, retirees can now access their benefits immediately after retirement,” she added.
She also announced plans to reintroduce gratuity payments for civil servants, with a framework already developed to restore the benefit for federal workers under the CPS, in line with Section 4(4) of the Pension Reform Act, 2014.
The PenCom boss said the initiatives were designed to improve post-retirement welfare and ensure financial stability for pensioners.
“This sensitisation workshop will help dispel misconceptions, build trust, and strengthen engagement with stakeholders,” she noted.
Also speaking, Chairman of the National Salaries, Incomes and Wages Commission (NSIWC), Mr. Ekpo Nta — represented by the Deputy Director of Compensation, Mr. Chika Ochor — said the workshop would enhance understanding of the CPS and its benefits.
He explained that the pension system plays a crucial role in providing financial security for retirees, helping them maintain their standard of living and avoid dependence on families or government support.
“The current administration has introduced far-reaching reforms to ensure prompt and sustainable payment of retirees’ benefits,” he said.
In his remarks, Director-General of the National Orientation Agency (NOA), Mr. Lanre Issa-Onilu, commended PenCom and the NSIWC for their collaboration in bridging knowledge gaps on the CPS and promoting awareness of the online enrolment process.
Issa-Onilu reaffirmed NOA’s commitment to promoting national values, policy awareness, and public education on government programmes.
The two-day workshop was organised by PenCom in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC).
NAN
