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The National Pension Commission (PenCom) has commenced the disbursement of the N758 billion pension bond approved by the Federal Government to settle outstanding pension liabilities owed to retirees across the country.
The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this on Wednesday while speaking at the Pension Revolution Summit held in Abuja. She said the bond, which was approved by President Bola Tinubu in February, has already been cashed, paving the way for the payment of long-standing pension arrears.
According to Oloworaran, the release of the funds marks a major step toward addressing the backlog of pension obligations that have burdened retirees, particularly those under the Contributory Pension Scheme and other legacy schemes with accrued rights.
She explained that the bond was specifically issued to cover accrued pension rights and other outstanding liabilities that accumulated over the years, noting that delays in funding had previously hindered timely payments to beneficiaries.
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“The commencement of disbursement demonstrates the Federal Government’s commitment to the welfare of retirees and the sustainability of the pension system,” Oloworaran said, adding that PenCom is working with relevant pension fund administrators to ensure that payments are made transparently and promptly.
She further noted that clearing the pension backlog would not only ease the financial hardship faced by retirees but also strengthen confidence in the pension system and encourage greater compliance by employers and workers.
The PenCom chief commended President Tinubu for approving the bond, describing the decision as a critical intervention to stabilise the pension sector and protect the rights of workers who have served the country.
The Pension Revolution Summit brought together policymakers, regulators, pension fund operators and other stakeholders to discuss reforms and innovations aimed at improving pension administration and ensuring long-term sustainability of the system.
