FG To Clear ₦758bn Pension Arrears By December

PenCom promises to clear all pension arrears by December 2025.
₦758bn FG bond to be converted into cash for payments.
Talks ongoing to raise retirees’ benefits to full salary level.

The National Pension Commission (PenCom) has assured Nigerian retirees that all outstanding pension arrears and gratuities will be cleared before the end of 2025, following the maturity of the Federal Government’s ₦758 billion bond.

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EKO HOT BLOG reports that PenCom’s Director-General, Omolola Oloworaran, gave the assurance in Owerri during a two-day sensitisation workshop jointly organised with the National Salaries, Incomes and Wages Commission. Represented by the National Commissioner in charge of the Inspectorate Department, Samuel Uwandu, she said the process of converting the bond to cash was already underway.

According to her, “Thanks to President Bola Tinubu, who approved a ₦758 billion bond for PenCom. We are working towards cashing it before the end of the year, after which all gratuities and arrears will be fully settled by December.”

She added that the initiative reflects the President’s commitment to improving retirees’ welfare and ensuring prompt payment of entitlements.

Oloworaran also disclosed that PenCom has started discussions with the Federal Government on increasing retirees’ benefits to 100 percent of their final emoluments. “The goal is for pensioners to continue receiving either their full salary or at least 75 percent of it after retirement,” she said.

The National Secretary of the Nigeria Union of Pensioners (Contributory Pension Scheme Sector), Bisan Olufemi, commended the Federal Government and Wages Commission for their renewed efforts in clearing pension backlogs. He noted that accrued payments had been settled up to October and praised PenCom’s resolve to ensure retirees begin receiving benefits the same month they retire.

Over 100 retirees from South-East states attended the workshop, which addressed lingering issues surrounding pension processing, arrears and entitlements.