FG’s N758bn pension bond facilitates payments to 957,045 retirees — PenCom

The Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, said on Tuesday that the Federal Government-approved ₦758 billion pension bond had facilitated payments to 957,045 retirees.

Speaking at a media conference in Abuja, she said nearly one million Nigerians had benefited from the fund.

“These obligations had passed from one administration to the next. This administration chose to settle them.

“For the first time in many years, retirees under the Contributory Pension Scheme have received a pension increase across the board. For too long, retirees waited months for benefits they had already earned.

“Pension Boost 1.0 raised the monthly pensions of more than 241,000 retirees. Total monthly pension payments rose from ₦12.15 billion to ₦14.83 billion. For a retired teacher in Ilorin or a retired nurse in Enugu, that is not a statistic. It is food on the table, a bill settled, a prescription filled.”

She explained that, for the first time in 21 years, pensioners of the defunct Nigeria Social Insurance Trust Fund (NSITF) had had their pensions reviewed. Their pensions had remained unchanged since 2005.

“We invoked the law, directed a full review and delivered an unprecedented increase of 1,173 per cent. Combined monthly pensions for 2,116 NSITF retirees rose from ₦12.56 million to ₦159.95 million, and ₦8.70 billion in arrears has been paid. One retiree who received about ₦18,000 a month now receives about ₦206,000. Twenty-one years of waiting, answered in a single decision.

“For the first time, the Federal Government has cleared the pension liabilities it inherited, some of which had been outstanding since 2007, almost two decades ago. President Tinubu approved the ₦758 billion Federal Government Pension Bond, and through it, payments have reached 957,045 beneficiaries. Nearly one million Nigerians. These obligations had passed from one administration to the next. This administration chose to settle them.

“Through our one-time verification and enrolment exercise, accrued rights have already been credited to the Retirement Savings Accounts of enrolled federal employees due to retire up to December 2029.

“Under our Zero Waiting Time policy, federal retirees now begin to receive their pensions as they retire, in step with the monthly salary cycle. The era of retiring into a queue is ending. I urge every eligible employee and every ministry, department and agency to complete enrolment before the exercise closes in December 2026.”

Oloworaran said retirement benefits that once took up to 21 months to approve were now approved within 48 hours.

“This is not a target. It is a mandatory service standard, binding on every Pension Fund Administrator.

“For the first time, Nigeria has an Exit Benefit Scheme. Since 1 January 2026, eligible employees of treasury-funded federal ministries, departments and agencies with at least 10 years of qualifying service have been entitled to an additional benefit equal to 100 per cent of their total annual emoluments, on top of their normal pension.

“The first 175 retirees received approximately ₦1.1 billion in August.

“For the first time, the pension system has a national distribution network built to reach the informal sector.

“Our Accredited Pension Agents are taking the Personal Pension Plan into markets, motor parks, farms and workshops, reaching traders, artisans, farmers and transport workers. Every agent we accredit is a new livelihood. Every Nigerian they enrol is a future secured. We are widening coverage and creating jobs in the same act,” she stated.