The approval of a ₦758 billion bond issuance by President Bola Tinubu to clear pension liabilities is expected to settle long-standing obligations, including pension increases owed since 2007. The move is anticipated to boost confidence in the pension system and provide relief to vulnerable retirees.

Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, highlighted the significance of the payment during a workshop on the workings of the Contributory Pension Scheme (CPS) for employers and pension desk officers in Abuja.

Oloworaran, represented at the event by Mr. Usman Musa, Director of the Contribution and Bond Redemption Department, explained that the workshop aimed to deepen trust in the CPS and ensure that every federal employee and pensioner fully understands and can access its benefits without delay.

She noted that more than 10 million Nigerians—including public service employees, private sector workers, artisans, and self-employed individuals under the Personal Pension Plan—are covered under the CPS.

“Pension assets have grown to over ₦25 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees. In total, more than 844,000 retirees across public and private sectors now enjoy steady, reliable, and transparent retirement benefits,” Oloworaran said.

She also outlined recent interventions under the Pension Boost 1.0 program, which enhanced pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions increased from ₦12.157 billion to ₦14.837 billion, effective June 2025.

“Since July 2025, there is zero waiting time for pension payments. Retirees now receive their pensions immediately, aligning with monthly salary releases from the Federal Ministry of Finance,” she added.

Oloworaran further discussed proposals to reintroduce gratuity for federal workers, improvements in prudential standards for Pension Fund Administrators (PFAs) and custodians, and the issuance of five new regulations under Pension Revolution 2.0, including Whistleblowing Guidelines and a Framework for Accredited Pension Agents.

She also announced the introduction of free health insurance for retirees, beginning with lower-income pensioners, ensuring security and dignity beyond financial pensions.

Despite these achievements, Oloworaran acknowledged ongoing challenges, including limited coverage in some states and continued public skepticism stemming from past experiences.

“While the CPS has achieved much, some states and employers have yet to fully comply. Public trust remains fragile, and we continue to work toward greater transparency and accessibility,” she said.