President Tinubu approves N758 billion bond to settle Outstanding Pension Liabilities under Contributory Pension Scheme
The National Pension Commission (PenCom) commends President Bola Ahmed Tinubu, GCFR, and the Federal Executive Council (FEC) for their historic approval of a N758 billion bond to settle longstanding pension liabilities under the Contributory Pension Scheme (CPS). This decisive intervention, made on Tuesday, 4 February 2025, marks a watershed moment in Nigeria’s pension administration, reaffirming the President’s unwavering commitment to the welfare of retirees.
For the first time, the Federal Government is committing funds to the Pension Protection Fund, a statutory provision designed to augment pensions for low-income earners but left unfunded since its inception in 2014. Additionally, this intervention clears all pension increases since 2007-a backlog that had burdened retirees for over a decade. It also settles the shortfall in university professors’ pensions, ensuring they receive their rightful full salary as pension, an issue that has lingered since 2017.
The Director General of PenCom, Ms. Omolola Oloworaran, expressed profound appreciation to President Tinubu for his bold and compassionate leadership in resolving these critical pension issues. She emphasized that this intervention not only restores retirees’ dignity but also reinforces trust in the pension system, a key pillar of the CPS’ mandate. She further commended the President’s visionary approach in ensuring that pensioners receive their entitlements without delay, thereby fulfilling a fundamental promise of the CPS.
Since assuming office, the Director General has worked closely with relevant authorities to resolve these entrenched liabilities, culminating in this landmark achievement. PenCom urges all stakeholders to collaborate in expediting the bond issuance, to actualize the President’s vision for pensioners.
This bold step underscores the administration’s resolve to uphold the dignity of every Nigerian retiree and paves the way for a more sustainable and equitable pension system for generations to come.
Be the First to Know – Follow PensionNigeria WhatsApp Channel Its Free – Click here to follow our WhatsApp Channel
Support PensionNigeria
Support PensionNigeria financially with N1,000 per Month HERE, or with any amount ONCE (One Time Only) HERE
Empower us to do more independent analysis of the Pension Industry in Nigeria
Be the First to Know – Follow PensionNigeria WhatsApp Channel
Its Free – Click here to follow our WhatsApp Channel
Don’t Miss Anything Subscribe to PensionNigeria Newsletter on Substack
Once you Subscribe, we immediately send you an Email.
Please check your Inbox and SPAM folder.
If the Email is in your SPAM folder, kindly move it to your Inbox and add pensionnigeria@substack.com to your address book or contacts.
If you have subscribed before and you still do not receive our Newsletter,
please check your “Spam Folder”, if you find our Newsletter there, mark it as “NOT SPAM” or move it to your Inbox
Check here for Recent PensionNigeria Newsletter
Follow PensionNigeria on Social Media
Like our Facebook Page
Follow us on Twitter, Instagram & LinkedIn
Subscribe to our Channel on YouTube
Grow Your Personal Investment with Stanbic IBTC Asset Management
Pension is Your Right,
An Insurance for Old Age
Follow PensionNigeria on Social Media LinkedIn Twitter Instagram Facebook YouTube