The National Pension Commission (PenCom) has reassured Nigerian retirees that all outstanding pension arrears and gratuities will be fully settled by December 2025. This follows the maturity of the N758 billion bond approved by the Federal Government.
PenCom’s Director-General, Ms. Omolola Oloworaran, made the announcement in Owerri during a two-day sensitisation workshop jointly organised with the National Salaries, Incomes and Wages Commission.
Represented by Mr. Samuel Uwandu, National Commissioner, Inspectorate Department of PenCom, Oloworaran disclosed that the Federal Government’s bond would soon be converted to cash to enable the Commission settle all outstanding entitlements.
“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 stated.
According to her, the gesture demonstrates President Tinubu’s commitment to improving the welfare of retirees and ensuring that workers receive their due entitlements after years of service.
She noted that PenCom had also initiated discussions with the Federal Government on increasing retirees’ benefits from 75 percent to 100 percent of their final emoluments at retirement.
Oloworaran 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, lauded the Federal Government and the National Salaries, Incomes and Wages Commission for their recent efforts to clear accumulated pension arrears.
He expressed appreciation that accrued pension payments had been made up to October and commended PenCom for promising to ensure retirees begin receiving their benefits the same month they retire.
Similarly, one of the retirees, Mr. Chris Duru, thanked the organisers of the sensitisation programme and appealed for the exercise to be held annually to enable more retirees benefit from the updates and guidance provided.
The two-day workshop was attended by over 100 retirees from across the five states of the South-East geopolitical zone.
