The Federal Government has approved ₦758 billion in bonds to offset long-standing pension liabilities, including arrears of pension increases owed since 2007.
Ms. Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), 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, represented by the Commissioner for Administration, Mr. Bello Abubakar, described the approval as a bold initiative by President Bola Tinubu to bring relief to vulnerable pensioners and restore confidence in Nigeria’s pension system.
She said the workshop formed part of ongoing reforms to enhance awareness and deepen understanding of the CPS among retirees and other stakeholders.
According to her, other key interventions under the reforms include pension increases for over 241,000 retirees, representing 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly pension payments from ₦12.15 billion to ₦14.83 billion, effective from June 2025.
“The Commission has also eliminated waiting time for pension payments, ensuring that since July 2025, retirees now access their benefits immediately after retirement.
“Additionally, a framework has been developed to reintroduce gratuity benefits for federal workers under the CPS, in line with Section 4(4) of the Pension Reform Act (PRA) 2014,” she said.
Oloworaran explained that the new initiatives were designed to further enhance post-retirement benefits and improve the welfare of pensioners across the country.
She stressed that the sensitisation workshop would help address misconceptions and build public confidence in the CPS while providing a platform for stakeholder engagement, feedback, and trust-building.
Also speaking, Mr. Ekpo Nta, Chairman of the National Salaries, Incomes and Wages Commission (NSIWC), represented by Mr. Chika Ochor, Deputy Director of Compensation, said the workshop was aimed at promoting better understanding of the CPS and its benefits.
He emphasised that a sustainable pension system provides financial security in old age, enabling retirees to maintain their standard of living, reduce poverty, and avoid dependence on families or government.
Nta commended the current administration for introducing far-reaching reforms in pension administration to ensure prompt and sustainable payment of retirees’ benefits.
In his remarks, Malam Lanre Issa-Onilu, Director-General of the National Orientation Agency (NOA), lauded PenCom and NSIWC for collaborating to bridge knowledge gaps on the CPS and online enrolment processes.
He said the Tinubu-led administration’s pension reforms would strengthen stakeholder confidence in government policies and ensure greater transparency in the management of retirees’ benefits.
Issa-Onilu also reaffirmed NOA’s commitment to promoting national values, policy awareness, and public understanding of government programmes.
NAN reports that the workshop was organised by PenCom in collaboration with the NSIWC to educate stakeholders on the workings of the Contributory Pension Scheme and recent government reforms in pension administration.
(NAN)
