The Federal Government has cleared outstanding pension liabilities dating back to 2007 through a ₦758 billion intervention bond, bringing relief to 957,045 retirees and beneficiaries across Nigeria.
The development was disclosed by the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, during a State House media briefing in Abuja.
According to Oloworaran, the intervention is one of the major pension reforms implemented under the administration of President Bola Ahmed Tinubu and has helped address nearly two decades of accumulated pension obligations.
The ₦758 billion intervention was structured to address different pension-related obligations, including ₦387.5 billion for pension increases, ₦253 billion for accrued pension rights, ₦107 billion for the Pension Protection Fund and ₦10 billion for retirement benefits of university professors.
PenCom said the intervention also helped reverse a backlog in accrued pension rights, which had stood at 21 months, to a 41-month surplus.
Oloworaran further disclosed that Nigeria’s pension assets increased from ₦20.79 trillion in July 2024 to ₦31.48 trillion by July 2026, representing a growth of about 51 per cent.
She added that more than 938,000 new contributors had joined the pension scheme during the period, while reforms had also improved the processing of retirement benefits.
The latest development is expected to strengthen confidence in Nigeria’s pension system and provide financial relief to retirees who had waited for years for outstanding benefits to be settled.
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