The Nigerian government has approved a groundbreaking ₦758 billion bond to settle longstanding pension liabilities, including pension increases owed since 2007, marking a significant step towards protecting retirees. The move, announced by Ms. Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), aims to clear a backlog of about ₦758 billion in pension debts and boost confidence in Nigeria’s pension system.
In a recent workshop in Yola, Oloworaran explained that this bond targets liabilities accumulated over two decades, especially for retirees who endured delays and wage adjustments. The funds will also enable the full payment of pension increases since 2007—amounting to ₦388 billion—and ensure timely benefit payments moving forward.
This initiative, approved by the Federal Executive Council and led by President Bola Tinubu, represents a new dawn for pensioners, promising improved welfare and financial security. The funds are expected to be released within three months, and the government is committed to transparency in disbursing the money.
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