\u200eThe Federal Government has cleared all inherited pension liabilities dating back to 2007 through a \u201cN758bn intervention bond\u201d, providing long-awaited financial relief to 957,045 beneficiaries across the country.
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\u200eThe milestone achievement was announced by the Director General of the National Pension Commission, Ms Omolola Oloworaran, during her keynote address titled \u2018From Reform to Reality: Renewed Hope, Pension Security for All Nigerians\u2019 at the 2026 PenCom Media Conference in Lagos on Tuesday.
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\u200eAddressing members of the press, industry leaders, and media practitioners, Oloworaran emphasised that the payout marks a decisive end to decades of delayed benefits passed down across multiple political administrations.<\/p>\n
She said, \u201cThe Federal Government cleared all inherited pension liabilities, some dating back to 2007. These obligations passed through multiple administrations, but this government chose to settle them. That is statesmanship\u2014a debt paid, not just a promise.<\/p>\n
\u200e\u200e\u201dEvery nation makes a promise to the people who build it\u2014those who serve faithfully and diligently. When your working years are done, your country should not forget you. For too long, that promise was kept slowly, partially, or not at all. Today, I can report that this has changed\u2014not in aspiration, but in actual fact.<\/p>\n
\u200eThe landmark liquidation of legacy federal pension debts represents one element of a broader suite of institutional reforms implemented under President Bola Tinubu.
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\u200eAlongside clearing the backlog, PenCom revealed that accrued pension rights for federal employees scheduled to retire up to December 2029 have already been credited directly to their Retirement Savings Accounts ahead of time following a comprehensive one-time verification and enrolment drive.
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\u200eTo prevent future backlogs from accumulating, the commission introduced a Zero Waiting Time Policy designed to align retirement payouts directly with monthly public service salary cycles, ensuring workers transition seamlessly into retirement without financial gaps. Benefit processing turnaround times have simultaneously been reduced from up to 21 months down to 48 hours.
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\u200eThe conference also highlighted significant financial boosts across existing pension schemes, most notably a directive invoking statutory provisions to review payments for retirees of the defunct Nigeria Social Insurance Trust Fund. The 21-year review delivered an average payout increase of 1,173 per cent for 2,116 NSITF retirees, alongside the settlement of N8.7bn in full arrears.
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\u200eAdditionally, the execution of Pension Boost 1.0 elevated monthly disbursements across the Contributory Pension Scheme from N12.15bn to \u20a614.83bn, directly increasing monthly payouts for more than 241,000 retirees nationwide.
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\u200eReinforcing the government\u2019s stance on worker welfare, Oloworaran observed that the true measure of how a government values its workforce lies not only in how it treats its employees while in service, but in how faithfully it fulfils its pension obligations after retirement.
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\u200eThe commission also unveiled upcoming welfare initiatives, including the PenCare free healthcare support program set to pilot with 30,000 low-income retirees, the activation of a statutory Minimum Pension Guarantee baseline, and an expansion of the Micro Pension Plan to cover informal sector traders and artisans through a nationwide agent network.
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