The National Pension Commission (PenCom) has commenced the disbursement of the N758 billion pension bond approved by the Federal Government to settle outstanding liabilities owed to retirees, marking a major step in addressing long-standing pension arrears.
Speaking at the Pension Revolution Summit in Lagos, the Director-General, PenCom, Omola Oloworaran, said the bond, approved by President Bola Tinubu in February, has already been cashed and deployed to meet accrued obligations.
She said more than N600 billion has so far been released to beneficiaries, describing the development as a significant milestone in restoring confidence in the pension system.
Oloworaran disclosed that pension assets under management had grown to about N27 trillion, attributing the expansion to decisive policy actions and structured reforms introduced under the commission’s Pension Revolution 2.0.