RismadarVoice Reporters
October 6, 2026
The Federal Government has cleared inherited pension liabilities dating back to 2007 through a ₦758 billion intervention bond, benefiting 957,045 pensioners and retirees across the country.
Director-General of the National Pension Commission, PenCom, Omolola Oloworaran, disclosed this at the 2026 PenCom Media Conference in Lagos.
Speaking on the theme, “From Reform to Reality: Renewed Hope, Pension Security for All Nigerians,” Oloworaran said the intervention addressed pension obligations accumulated over about 17 years.
She said the settlement was aimed at ensuring workers who had completed their years of service received outstanding entitlements owed to them.
PenCom also disclosed that accrued pension rights for federal employees expected to retire up to December 2029 had been credited to their Retirement Savings Accounts following a verification and enrolment exercise.
The commission said it had introduced a Zero Waiting Time Policy designed to align the payment of retirement benefits with the monthly public service salary cycle and reduce delays experienced by retirees.
According to PenCom, reforms to its processing system have also reduced the time required to process retirement benefits from as long as 21 months to about 48 hours.
Oloworaran further announced measures affecting retirees of the defunct Nigeria Social Insurance Trust Fund, NSITF.
She said a review covering 21 years resulted in an average 1,173 per cent increase in payments to 2,116 beneficiaries, alongside the settlement of ₦8.7 billion in outstanding arrears.
Under the Pension Boost 1.0 initiative, monthly payments under the Contributory Pension Scheme increased from ₦12.15 billion to ₦14.83 billion, benefiting more than 241,000 retirees nationwide.
Oloworaran said the treatment of retirees remained an important measure of the government’s commitment to workers, stressing that pension obligations should be honoured after employees leave active service.
PenCom also announced additional welfare initiatives, including PenCare, a free healthcare programme expected to initially cover 30,000 low-income retirees.
The commission said it was also working towards implementing a statutory Minimum Pension Guarantee and expanding the Micro Pension Plan to accommodate more Nigerians in the informal sector, including traders and artisans.
PenCom said the planned expansion would rely on a nationwide network of agents to increase pension participation among workers who are not covered by conventional employment-based pension arrangements.
