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The National Pension Commission (PenCom) has reassured Nigerian retirees that all pending pension arrears and gratuities owed to them will be fully cleared by December 2025, following the maturity of the N758 billion bond approved by the Federal Government.
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 explained that the Federal Government’s bond would soon be converted to cash, allowing the Commission to pay all outstanding benefits.
“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 noted that the development reflects President Tinubu’s commitment to improving the welfare of pensioners and ensuring that public servants are duly compensated after years of service.
Oloworaran further revealed that PenCom had initiated discussions with the Federal Government to review retirees’ benefits from 75 percent to 100 percent of their final salary at retirement.
She explained 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.”
National Secretary of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), Bisan Olufemi, praised the Federal Government and the National Salaries, Incomes and Wages Commission for their recent effort to clear the backlog of pension arrears.
He expressed satisfaction that accumulated pension payments had now been made up to October and commended PenCom for its assurance that retirees would soon begin receiving their benefits the same month they retire.
Similarly, a retiree, Mr Chris Duru, appreciated the organisers of the sensitisation workshop and urged that such events be held annually so more pensioners can benefit from vital updates and guidance.
The two-day workshop was attended by over 100 retirees from the five states of the South-East geopolitical zone.
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