The National Pension Commission (PenCom) has assured Nigerian retirees that all outstanding pension arrears and gratuities owed to them will be fully paid by December 2025, once the N758 billion bond approved by the Federal Government matures.
PenCom’s Director-General, Ms. Omolola Oloworaran, gave the assurance in Owerri during a two-day sensitisation workshop jointly organised by the Commission and the National Salaries, Incomes and Wages Commission.
Represented by Mr. Samuel Uwandu, National Commissioner, Inspectorate Department of PenCom, Oloworaran revealed that the Federal Government’s bond would soon be converted to cash to enable the Commission to settle all pending entitlements.
“Thanks to President Bola Tinubu, who has given PenCom a bond of N758 billion. We are working towards cashing it, and we hope to do so before the end of the year. The bond will be converted into cash, all the gratuities will be paid in full by December, and everyone owed arrears will be fully settled,” she said.
She explained that the initiative reflects President Tinubu’s commitment to improving retirees’ welfare and ensuring that workers receive their rightful benefits after years of dedicated service.
Oloworaran further disclosed that PenCom had opened discussions with the Federal Government to increase retirees’ benefits from 75 percent to 100 percent of their final emoluments at the time of retirement.
She elaborated that “What this means is that whatever a pensioner earned as salary upon retirement would be what they continue to receive in full, or at least 75 percent of it.
“Although PenCom is an intermediary, we have contacted the President, and we believe this adjustment can be effected through the National Assembly.”
The National Secretary of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), Bisan Olufemi, praised both the Federal Government and the National Salaries, Incomes and Wages Commission for their efforts to clear the backlog of pension arrears.
He expressed satisfaction that accrued pension payments had been made up to October and commended PenCom for its commitment to ensuring that retirees begin to receive their benefits immediately after retirement.
Likewise, one of the retirees, Mr. Chris Duru, thanked the organisers of the sensitisation programme and appealed for the exercise to be conducted annually so that more retirees could benefit from the updates and guidance shared.
The two-day workshop brought together over 100 retirees from across the five states of the South-East geopolitical zone.
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