The National Pension Commission has assured Nigerian retirees that all outstanding pension arrears and gratuities will be fully cleared by December 2025 once the Federal Government’s ₦758bn bond matures.
PenCom’s Director-General, Ms Omolola Oloworaran, gave the assurance in Owerri during a two-day sensitisation workshop jointly organised with the National Salaries, Incomes and Wages Commission.
Oloworaran, who was represented by the National Commissioner in charge of the Inspectorate Department, Samuel Uwandu, disclosed that the process of converting the bond to cash was underway.
“Thanks to President Bola Tinubu, who has given PenCom a bond of ₦758 billion. We are working towards cashing it, and we hope to do so before the end of the year. The bond will be converted into cash, all the gratuities will be paid in full by December, and everyone owed arrears will be fully settled,” she said.
She added that the move reflects the President’s commitment to improving the welfare of retirees and ensuring they receive their entitlements without delay.
The PenCom boss also revealed that discussions had begun with the Federal Government on increasing retirees’ benefits to 100 percent of their final emoluments.
“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 an intermediary, we have contacted the President, and we believe this adjustment can be effected through the National Assembly.”
The National Secretary of the Nigeria Union of Pensioners Contributory Pension Scheme Sector, Bisan Olufemi, commended the Federal Government and the Wages Commission for renewed efforts to clear accumulated arrears.
He noted with satisfaction that accrued pension payments had been settled up to October and praised PenCom for its pledge to ensure retirees begin receiving their benefits the same month they retire.
One of the retirees, Mr Chris Duru, thanked the organisers for the sensitisation exercise and urged that it be held annually so more pensioners can benefit from the updates and guidance provided.
Over 100 retirees from the five states of the South-East attended the two-day programme, which focused on addressing lingering concerns over pension processing, arrears and entitlements.
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