The Federal Government has approved ₦758 billion in bonds to offset long-standing pension liabilities, including increases owed to retirees since 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 Contributory Pension Scheme (CPS) for employees and pensioners in the North-East.
Represented by the Commissioner for Administration, Alhaji Bello Abubakar, Oloworaran described the approval as a bold step by President Bola Tinubu to bring relief to vulnerable pensioners and restore confidence in Nigeria's pension system.
She explained that the workshop was part of ongoing reforms to deepen understanding of the CPS and ensure stakeholders' active participation.
According to her, the reforms include pension increases for over 241,000 retirees—representing 80 per cent of those under the programmed withdrawal arrangement—raising monthly pension payments from ₦12.15 billion to ₦14.83 billion effective June 2025.
She further revealed that PenCom had eliminated the waiting time for pension payments, ensuring that since July 2025, retirees can now access their benefits immediately after retirement.
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In addition, Oloworaran announced that a framework has been developed to reintroduce gratuity payments for civil servants, in line with Section 4(4) of the Pension Reform Act (PRA) 2014, to further enhance post-retirement benefits.
She said the sensitisation workshop would help dispel misconceptions about the CPS and strengthen public trust through engagement and feedback.
Also speaking, the Chairman of the National Salaries, Incomes and Wages Commission (NSIWC), Mr. Ekpo Nta—represented by Deputy Director of Compensation, Mr. Chika Ochor—emphasized that the CPS guarantees financial security for retirees, helping them maintain their standard of living and reduce poverty.
Nta commended the Tinubu administration for its renewed commitment to prompt and sustainable payment of retirees' entitlements.
Similarly, Director-General of the National Orientation Agency (NOA), Mr. Lanre Issa-Onilu, applauded PenCom and NSIWC for their collaboration in improving awareness of the CPS and online enrolment processes. He reaffirmed NOA's support for promoting public understanding of national policies and citizen welfare initiatives.
The workshop was jointly organised by PenCom and the NSIWC to enhance pension literacy and strengthen Nigeria's retirement benefits framework.
