The Federal Government has approved ₦758 billion in bonds to clear long-standing pension arrears, including increases owed to retirees since 2007.
The Director-General of the National Pension Commission, Omolola Oloworaran, announced this on Thursday in Yola during a two-day sensitisation workshop on the Contributory Pension Scheme for employees and pensioners in the North-East.
Oloworaran, represented by the Commissioner for Administration, Alhaji Bello Abubakar, said the approval showed President Bola Tinubu’s commitment to easing the burden on pensioners and restoring public trust in the pension system.
She said the reform was part of wider efforts to improve awareness and deepen understanding of the Contributory Pension Scheme among retirees and stakeholders.
According to her, some of the recent interventions include pension increases for more than 241,000 retirees, which account for about 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly pension payments from ₦12.15 billion to ₦14.83 billion, effective from June 2025,” Oloworaran said.
She also noted that retirees no longer have to wait months before accessing their pension benefits. “Since July 2025, retirees now access their benefits immediately after retirement,” she added.
Oloworaran said the government was working to reintroduce gratuity for civil servants under a new framework in line with Section 4(4) of the Pension Reform Act 2014.
She explained that the reforms aim to improve post-retirement welfare and ensure financial stability for retirees.
The Chairman of the National Salaries, Incomes and Wages Commission, Ekpo Nta, represented by Deputy Director of Compensation, Chika Ochor, said the sensitisation workshop would help workers understand how the scheme benefits them and reduce misconceptions.
He said pension provides financial stability after retirement, allowing retirees to maintain their standard of living and reduce dependence on family or government.
Also speaking, the Director-General of the National Orientation Agency, Lanre Issa-Onilu, commended PenCom and the NSIWC for their collaboration in improving awareness about the pension system and online enrolment process.
He said the NOA would continue to support public education on government policies and promote national values and security awareness.
The workshop was organised by the National Pension Commission in collaboration with the National Salaries, Incomes and Wages Commission.
