Pensioners under Nigeria’s Contributory Pension Scheme (CPS) have appealed to the National Assembly to approve the full implementation of the N758 billion Treasury bond announced earlier this year, intended to clear decades-long arrears owed to retirees.
The bond, approved in February 2025 by President Bola Tinubu during a Federal Executive Council (FEC) meeting, was introduced to settle outstanding liabilities under the CPS for federal retirees.
The initiative aims to resolve long-standing pension obligations, some of which date back over 16 years.
Speaking on Tuesday, the National Chairman of the Nigeria Union of Pensioners’ Contributory Pension Scheme Sector, Mr. Sylva Nwaiwu, called on lawmakers to prioritize implementation without delay.
“The leadership of this union believes that the bond approval is a necessary fiscal decision to settle outstanding government liabilities to CPS retirees. It is also a demonstration of humanity, fiscal responsibility, and moral obligation by the president, which should be commended and supported by the Senate,” he said.
Mr. Nwaiwu expressed concern that many retirees had passed away after celebrating the bond’s approval, yet never received payment due to implementation delays. He warned that continued inaction risked further casualties among aging pensioners, citing stress-related health issues.
“It has become imperative for us to draw the attention of the Federal Government to this and appeal for an early implementation of the bond for the payments of CPS retirees. This is to avoid further fatalities in this sector arising from high blood pressure as a result of long expectations of entitlements.”
He added that if the implementation proceeds successfully, the union plans to hold a nationwide event to recognize and celebrate the president’s action.
“When that is done, we shall organise a mega solidarity party to celebrate the president’s administration, which will be held across the country,” he said.
In February, Ms. Omolola Oloworaran, Director General of the National Pension Commission (PenCom), provided further clarity on the bond’s breakdown.
An additional N11 billion was designated to close the pension shortfall for university professors. This funding enables full implementation of the policy, allowing qualified professors to retire on their full salary, a provision hindered in the past by budgetary constraints.
Oloworaran also noted that going forward, all accrued pension rights will be incorporated into the federal payroll process via monthly personnel cost general warrants, ensuring more timely and automatic disbursements.