The Federal Government has approved ₦758 billion in bonds to settle long-standing pension liabilities, including unpaid pension increases dating back to 2007.
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, announced the approval on Thursday in Yola during a two-day sensitisation workshop on the Contributory Pension Scheme (CPS) for employees and pensioners in the North-East.
Oloworaran, represented by the Commissioner for Administration at PenCom, Alhaji Bello Abubakar, described the move as a bold and compassionate decision by President Bola Tinubu to provide relief for vulnerable pensioners and restore trust in Nigeria’s pension system.
She explained that the workshop formed part of broader pension reforms designed to raise awareness and deepen understanding of the CPS among retirees and stakeholders.
According to her, one of the key interventions includes 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,” she said.
“The Commission has also removed the waiting period for pension payments, ensuring that, since July 2025, retirees can now access their benefits immediately after retirement.
“In addition, plans are underway to reintroduce gratuity for civil servants, with a framework already developed to restore gratuity benefits for federal employees under the CPS, in accordance with Section 4(4) of the Pension Reform Act 2014.”
Oloworaran added that the initiative aims to improve post-retirement welfare and strengthen pensioners’ financial security. She noted that the sensitisation workshop would dispel misconceptions, foster public confidence in the CPS, and provide a platform for dialogue and feedback between stakeholders.
Also speaking at the event, the Chairman of the National Salaries, Incomes and Wages Commission (NSIWC), Ekpo Nta, represented by the Deputy Director of Compensation, Chika Ochor, said the workshop would promote better understanding of the CPS and its benefits.
He emphasised that pensions play a crucial role in ensuring financial stability for retirees, helping them maintain their standard of living, reduce poverty, and avoid dependence on families or the state.
Nta added that the current administration had introduced wide-ranging reforms to guarantee prompt and sustainable payment of retirement benefits.
In his remarks, the Director-General of the National Orientation Agency (NOA), Lanre Issa-Onilu, praised PenCom and NSIWC for their collaboration in enhancing public understanding of the CPS and digital enrolment systems.
He reaffirmed the NOA’s commitment to promoting national values, policy awareness, security consciousness, and disaster preparedness.
The News Agency of Nigeria (NAN) reports that the workshop was jointly organised by PenCom and the National Salaries, Incomes and Wages Commission.