FG approves N758bn to clear long-standing pension liabilities

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has announced that President Bola Tinubu has approved the release of ₦758 billion in bonds to clear long-standing pension liabilities, including arrears of pension increases dating back to 2007. Ms. Oloworaran, who was represented by the Commissioner for Administration, Alhaji Bello Abubakar Malabu, […]

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has announced that President Bola Tinubu has approved the release of ₦758 billion in bonds to clear long-standing pension liabilities, including arrears of pension increases dating back to 2007.

Ms. Oloworaran, who was represented by the Commissioner for Administration, Alhaji Bello Abubakar Malabu, disclosed this to journalists on Thursday in Yola during a two-day workshop organized by the commission.

She explained that Nigeria’s pension assets have grown to over ₦25 trillion, with more than 10 million Nigerians now covered under the Contributory Pension Scheme (CPS).

According to her, over 844,000 retirees across both the private and public sectors are currently enjoying transparent, reliable, and steady pension payments as a result of the ongoing reforms in the sector.

The PenCom DG also revealed that, starting this year, pensioners in the low-income category will begin to benefit from a new free health insurance scheme for retirees.