𝐅𝐆 𝐚𝐩𝐩𝐫𝐨𝐯𝐞𝐬 ₦𝟕𝟓𝟖𝐛𝐧 𝐛𝐨𝐧𝐝𝐬 𝐭𝐨 𝐜𝐥𝐞𝐚𝐫 𝐩𝐞𝐧𝐬𝐢𝐨𝐧 𝐛𝐚𝐜𝐤𝐥𝐨𝐠𝐬, 𝐬𝐚𝐲𝐬 𝐏𝐞𝐧𝐂𝐨𝐦 𝐃𝐆

The Federal Government has approved the issuance of ₦758 billion in bonds to settle accumulated pension liabilities and arrears owed to retirees across various sectors.

The Director-General of the National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, disclosed this during a briefing in Abuja, noting that the move underscores the government’s commitment to addressing long-standing pension challenges that have persisted since 2007.

According to Dahir-Umar, the funds will cover pension increases and other outstanding benefits due to retirees of both the contributory and defined benefit schemes. She added that PenCom has already commenced verification and reconciliation processes to ensure accurate disbursement to all affected pensioners.

She said, “This approval is a major milestone in our continuous effort to secure the welfare of Nigerian pensioners. The bonds will be issued in tranches to clear the backlog, which includes accrued rights and pension increments from previous years.”

She further commended President Bola Tinubu’s administration for prioritising pension reforms and ensuring sustainability in retirement benefits.

PenCom assured retirees that payments will begin promptly once all administrative verifications are concluded.