The National Pension Commission (PenCom) has started disbursing a ₦758 billion pension bond approved by the Federal Government to clear pension arrears owed to retirees across Nigeria. The initiative is part of efforts to address longstanding pension liabilities under the Contributory Pension Scheme (CPS). According to PenCom’s Director-General, Ms. Omolola Oloworaran, “The disbursement will significantly reduce pension arrears and restore retirees’ confidence in the system.”
Ms. Oloworaran revealed that the bond disbursement had already begun, with over ₦600 billion released to start clearing pension liabilities. She made the announcement during the Pension Revolution Summit in Abuja, where she also presented a one-year review of the commission’s activities. “Bold policy decisions and structured reforms have grown pension assets to about ₦27 trillion, strengthening governance and expanding coverage,” she said, emphasising the impact of reforms on the pension system.
The ₦758 billion bond was approved by President Bola Tinubu earlier this year to fast-track the clearance of pension backlogs. PenCom described the bond as a critical step toward addressing delays in pension payments and ensuring sustainability for future retirees. Nairametrics reported that “over ₦577 billion has been paid to more than 1 million Retirement Savings Account holders,” showing measurable progress in reducing the pension backlog.
The disbursement reflects the Federal Government’s and PenCom’s commitment to financial stability and retirees’ welfare, while also reinforcing transparency and efficiency in Nigeria’s pension sector. The initiative marks a significant milestone in the administration of the CPS, demonstrating how structured reforms and government intervention can deliver tangible results for retirees.
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