President Bola Ahmed Tinubu has approved a ₦758 billion bond to clear longstanding pension liabilities under the Contributory Pension Scheme (CPS).
As contained on the official page of the National Orientation Agency (NOA), the historic pension relief initiative is designed to safeguard the dignity of retirees to ensure they receive their rightful benefits without delay.
According to NOA, this intervention marks a significant milestone in the nation’s pension administration, indicating the government’s commitment to improving the welfare of retirees.
The initiative not only honours the years of service of the pensioners but also provides them with the financial security necessary for a dignified retirement.
The intervention specifically targets pension backlogs, including the clearance of pension increases dating back to 2007.
It will also address pension shortfalls of university professors, alleviating the long-standing burden faced by many retirees in the education sector.
Reacting to the decision, the Director General of the National Pension Commission (PenCom), Omolola Oloworaran, expressed profound appreciation to President Tinubu, describing it as “bold and compassionate leadership in resolving these critical pension issues.”
Oloworaran emphasized that the intervention not only restores retirees’ dignity but also reinforces trust in the pension system—a key pillar of the CPS mandate.
“The President’s visionary approach in ensuring that pensioners receive their entitlements without delay fulfils a fundamental promise of the CPS,” she said, “This bold step underscores the administration’s resolve to uphold the dignity of every Nigerian retiree and paves the way for a more sustainable and equitable pension system for generations to come.”
Since assuming office, the PenCom boss said she has worked closely with relevant authorities to resolve the pension liabilities, leading to this achievement.
Oloworaran, however, urged all stakeholders to collaborate in accelerating the bond issuance to actualize the President’s vision for pensioners.
According to reports, this is the first time the Federal Government is committing funds to the Pension Protection Fund, a statutory provision designed to augment pensions for low-income earners.
The fund has said was left unfunded since its inception in 2014.
The president’s intervention aside from clearing all pension increases since 2007, also settles the shortfall in university professors’ pensions ensuring they receive their full salary as a pension.
