The Federal Government, through National Pension Commission, on Thursday announced the approval of ₦758 billion in bonds to offset long-standing pension liabilities, including pension increases owed since 2007.
The Director-General of the National Pension Commission, Omolola Oloworaran, made this disclosure on Thursday in Yola, Adamawa State while speaking at a two-day sensitisation workshop on the workings of the Contributory Pension Scheme for Employees and Pensioners in the North-East.
Oloworaran, described the approval as a bold step by President Bola Tinubu to bring relief to vulnerable pensioners and restore confidence in the pension system.
The PenCom DG, represented at the sensitisation workshop by the Commissioner for Administration in PenCom, Alhaji Bello Abubakar, said the workshop formed part of ongoing reforms to enhance awareness and deepen understanding of the CPS among retirees and other stakeholders.
According to her, other key interventions under the reforms include pension increases for over 241,000 retirees, representing 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly payments from ₦12.15 billion to ₦14.83 billion, effective from June 2025.
“The commission has also eliminated waiting time for pension payments, ensuring that, since July 2025, retirees now access their benefits immediately after retirement.
“The proposed reintroduction of gratuity for civil servants, with a framework developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the Pension Reform Act (PRA) 2014,” she said.
Oloworaran, who explained that the initiative was aimed at further enhancing post-retirement benefits and improving the welfare of pensioners, added that the sensitisation workshop would help address misconceptions and build public confidence in the CPS while offering an opportunity for engagement, feedback, and trust-building with stakeholders.
