The National Pension Commission (PenCom) has reaffirmed its commitment to clearing all outstanding pension arrears and gratuities by December 2025, following the maturity of a N758 billion bond approved by the Federal Government.
This assurance was given during a two-day sensitisation workshop held in Owerri, jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC).
Speaking at the event, the Director-General of PenCom, Ms. Omolola Oloworaran, represented by the National Commissioner, Inspectorate Department, Mr. Samuel Uwandu, explained that the N758 billion bond would soon be converted into cash to settle all pending entitlements owed to retirees.
“Thanks to President Bola Tinubu, who has given PenCom a bond of N758 billion. We are working towards cashing it before the end of the year. Once that is done, all gratuities and arrears will be paid in full by December,” she said.
Oloworaran noted that the initiative reflects President Tinubu’s commitment to the welfare of Nigerian retirees and his resolve to ensure that workers receive their due benefits after years of service.
She further revealed that the Commission is engaging the Federal Government to increase retirees’ benefits from 75 percent to 100 percent of their final emoluments at retirement.
“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,” she explained. “Although PenCom is only an intermediary, we have reached out to the President, and we are optimistic that this adjustment can be achieved through the National Assembly.”
In his remarks, the National Secretary of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), Mr. Bisan Olufemi, commended the Federal Government and the NSIWC for their efforts to clear accumulated arrears.
He also praised PenCom for ensuring that accrued pension payments had been made up to October and for promising to align future payments with the month of retirement.
Similarly, one of the retirees in attendance, Mr. Chris Duru, expressed gratitude to the organisers and appealed for the sensitisation workshop to be held annually to enable more retirees to benefit from the updates and guidance provided.
