The National Pension Commission, PenCom, has reassured Nigerian retirees that all pending pension dues and gratuities owed to them will be settled by December 2025, following the maturation of the N758 billion bond sanctioned by the Federal Government.
PenCom’s Director-General, Ms. Omolola Oloworaran, provided this reassurance in Owerri during a two-day awareness workshop co-organized by the commission and the National Salaries, Incomes and Wages Commission.
Represented by Mr. Samuel Uwandu, National Commissioner, Inspectorate Department of PenCom, Oloworaran revealed that the Federal Government’s bond would soon be transformed into cash to allow the Commission to settle all overdue entitlements.
“Thanks to President Bola Tinubu, who has allocated a bond of N758 billion to PenCom. We are working on liquidating it, and we aspire to do so before the year concludes. The bond will be exchanged for cash, and all gratuities will be fully disbursed by December, with everyone owed arrears receiving their full payments,” she expressed.According to her, this initiative reflects President Tinubu’s dedication to enhancing the well-being of retirees and ensuring that workers receive their rightful entitlements after years of dedicated service.
She highlighted that PenCom has also begun talks with the Federal Government regarding increasing retirees’ benefits from 75 percent to 100 percent of their final salary upon retirement.Oloworaran elaborated that “What this signifies is that whatever a pensioner earned as salary upon retirement will be what they continue to receive in full, or at least 75 percent of it.“
Although PenCom acts as an intermediary, we have approached the President, and we believe this modification can be implemented through the National Assembly.” National Secretary of the Nigeria Union of Pensioners Contributory Pension Scheme Sector, NUPCPS, Bisan Olufemi, commended the Federal Government and the National Salaries, Incomes and Wages Commission for their recent initiatives to resolve accumulated pension arrears.He expressed gratitude that pension payments have been made up until October and praised PenCom for their commitment to ensure retirees start receiving their benefits in the same month they retire.
Likewise, one of the retirees, Mr. Chris Duru, expressed his appreciation to the organizers of the awareness program and urged that this initiative be conducted annually to enable more retirees to benefit from the information and support offered. The two-day workshop saw the participation of over 100 retirees from the five states within the South-East geopolitical zone.