Reacting to the development, the Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, expressed deep appreciation for President Tinubu’s leadership in resolving critical pension issues. She emphasized that the move restores retirees’ dignity and strengthens trust in the pension system, a core pillar of the CPS.
Abuja, Nigeria – President Bola Tinubu has approved a N758 billion bond to clear long-standing pension liabilities under the Contributory Pension Scheme (CPS) for federal workers across the country.
The decision, reached during the Federal Executive Council (FEC) meeting on Tuesday, marks a significant milestone in Nigeria’s pension administration. It is the first time the Federal Government has allocated funds to the Pension Protection Fund, a statutory provision designed to support low-income earners. Since its establishment in 2014, the fund had remained unfunded.
The intervention will address all outstanding pension increases dating back to 2007 and rectify the pension shortfall for university professors, ensuring they receive their full salary as pension.
Reacting to the development, the Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, expressed deep appreciation for President Tinubu’s leadership in resolving critical pension issues. She emphasized that the move restores retirees’ dignity and strengthens trust in the pension system, a core pillar of the CPS.
“The President’s visionary approach ensures pensioners receive their entitlements without delay, fulfilling a fundamental promise of the CPS,” Oloworaran stated.
She further highlighted that the administration’s commitment to pension reform sets the stage for a more sustainable and equitable system for future generations.
Since assuming office, Oloworaran has worked closely with relevant authorities to resolve pension liabilities, culminating in this landmark achievement. PenCom has urged all stakeholders to expedite the bond issuance process to ensure the swift implementation of the President’s directive.
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