N816bn bond ‘ll restore confidence in pension sector – Minister

The Minister of State for Finance, Dr. Doris Uzoka-Anite has stated that the recent presidential approval to raise N758 billion bond for pensioners under the Contributory Pension Scheme (CPS) and N58 billion for Defined Benefits Scheme (DBS) will go a long way in boosting confidence in the sector. Uzoka-Anite spoke in Abuja at the launch […]

The Minister of State for Finance, Dr. Doris Uzoka-Anite has stated that the recent presidential approval to raise N758 billion bond for pensioners under the Contributory Pension Scheme (CPS) and N58 billion for Defined Benefits Scheme (DBS) will go a long way in boosting confidence in the sector.

Uzoka-Anite spoke in Abuja at the launch of the revised Service Charter by the Pension Transitional Arrangement Directorate (PTAD) with the theme: “Renewed Commitment to Service Excellence.”

She said, “President Tinubu has shown commitment to pensioners’ welfare by working with PenCom and PTAD to alleviate their suffering. Subsequently, the presidential directive to raise N758 bond by PenCom and another N58 billion bond for PTAD making it a total of N816 billion to clear the pension backlog will go a long way in boosting confidence in the sector and guarantee pensioners to retire with some assurance.”

Also speaking, the Director-General of the National Pension Commission, Omolola Oloworaran stressed the need for pensioners’ welfare at both federal and state levels, adding that the Charter will serve as a commitment to promote the welfare of pensioners.

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Earlier in her remarks, the Executive Secretary of PTAD, Tolulope Odunaiya stated that the launch is not just a ceremonial event, “but a collective re-affirmation of our statutory mandate, which has been further anchored on the theme: “Renewed Commitment to Service Excellence.”

“The Service Charter is beyond being a document; it is a covenant between PTAD and our pensioners, stakeholders, and indeed, the Nigerian public. It spells out in clear terms our obligations, service standards, and accountability framework. It serves as both a guide for our staff and a tool of assurance for our stakeholders that PTAD is committed to delivering prompt, transparent and efficient services,” she added.

Meanwhile, National President of the Nigerian Union of Pensioners, Mazi Godwin Abumisi, lauded the current administration’s efforts to settle pensioners’ entitlements, adding that the process has significantly improved unlike in the past.