The Federal Government has cleared all inherited pension liabilities, some dating back to 2007, through an N758bn intervention bond, providing long-awaited financial relief to 957,045 beneficiaries across the country.
The Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, announced this in her keynote address, titled “From Reform to Reality: Renewed Hope, Pension Security for All Nigerians”, at the 2026 PenCom Media Conference in Lagos on Tuesday.
Addressing the press, industry leaders and media practitioners, Oloworaran said the payout marked a decisive end to delayed benefits passed down across multiple administrations.
“The 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: a debt paid, not just a promise.
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“Every nation makes a promise to the people who build it, those 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, not in aspiration, but in actual fact,” she said.
The liquidation of legacy federal pension debts is one of several institutional reforms implemented under President Bola Tinubu.
PenCom also disclosed that accrued pension rights of federal employees due to retire up to December 2029 have been credited to their Retirement Savings Accounts ahead of time, following a one-time verification and enrolment exercise.
To prevent future backlogs, the commission introduced a Zero Waiting Time Policy, which aligns retirement payouts with monthly public service salary cycles so that workers transition into retirement without financial gaps.
Processing time down to 48hrs
Benefit processing time has also been cut from as long as 21 months to 48 hours.
The conference further highlighted increases across existing pension schemes. Invoking statutory provisions, PenCom reviewed the pensions of retirees of the defunct Nigeria Social Insurance Trust Fund (NSITF). The first review in 21 years raised payouts by an average of 1,173 per cent for 2,116 retirees, alongside the settlement of N8.7bn in full arrears.
In addition, Pension Boost 1.0 raised monthly disbursements under the Contributory Pension Scheme from N12.15bn to N14.83bn, increasing monthly payouts for more than 241,000 retirees nationwide.
Oloworaran noted that a government’s regard for its workforce is measured not only by how it treats employees in service but also by how faithfully it meets pension obligations after retirement.
The commission also announced upcoming welfare initiatives: the PenCare free healthcare support programme, to be piloted with 30,000 low-income retirees; activation of the statutory Minimum Pension Guarantee; and an expansion of the Micro Pension Plan to cover informal sector traders and artisans through a nationwide agent network.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.