Fatimah Otunsanya
President Ahmed Bola Tinubu has approved the Federal Government of Nigeria (FGN) bond issuance of ₦758 billion for pension liabilities to clear long-standing pension obligations, including pension increases owed since 2007.
The Director General, National Pension Commission, PenCom Ms. Omolola Oloworaran, stated this at the workshop on the Working of the Contributory Pension Scheme CPS for employers and Pension desk officers in Abuja.
The DG, who was represented by Mr. Usman Musa, Director, Contribution and Bond Redemption Department, noted more than 10 million Nigerians from public service employees to private sector workers and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.
She said: “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 both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.
In line with our mandate to protect contributors and guarantee dignity in retirement, PenCom has rolled out key interventions that are changing lives.
They are, Pension Boost 1.0, enhancing pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from ₦12.157 billion to ₦14.837 billion, effective June 2025.
Presently, it is zero Waiting time for Pension Payments Since July 2025, no retiree waits to access their pensions again , payments are now immediate aligning with monthly salary releases from the federal ministry of Finance, there is the
proposal reintroduction of gratuity for civil servants working with the Office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014″.