YOLA — The Federal Government has approved ₦758 billion in bonds to offset long-standing pension liabilities, including arrears from pension increases dating back to 2007.
Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, disclosed this on Thursday in Yola at a two-day sensitisation workshop on the workings of the Contributory Pension Scheme (CPS) for employees and pensioners in the North-East.
Oloworaran, represented by PenCom’s Commissioner for Administration, Alhaji Bello Abubakar, described the move as a bold initiative by President Bola Tinubu to bring relief to vulnerable retirees and restore confidence in the nation’s pension system.
She said the workshop formed part of ongoing reforms aimed at enhancing awareness and deepening understanding of the CPS among workers, retirees, and key stakeholders.
According to her, other key interventions under the reforms include pension increases for over 241,000 retirees, representing about 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly payments from ₦12.15 billion to ₦14.83 billion, effective from June 2025,” she stated.
The PenCom boss also revealed that the Commission had eliminated delays in pension payments, ensuring that since July 2025, retirees now access their benefits immediately after retirement.
She added that a framework had been developed for the reintroduction of gratuity for federal civil servants under the CPS, in line with Section 4(4) of the Pension Reform Act (PRA) 2014.
Oloworaran said the initiative was part of efforts to further enhance post-retirement welfare and improve pensioners’ quality of life.
She expressed optimism that the sensitization workshop would help dispel misconceptions about the CPS, build trust, and strengthen public confidence in the pension system.
Also speaking, Chairman of the National Salaries, Incomes and Wages Commission (NSIWC), Mr. Ekpo Nta, represented by Mr. Chika Ochor, Deputy Director of Compensation, said the workshop would promote better understanding of the CPS and its benefits.
Nta noted that pensions provide financial security in old age, helping retirees maintain their standard of living, reduce poverty, and avoid dependence on families or the government.
He added that the Tinubu administration had introduced far-reaching reforms to ensure prompt and sustainable payment of retirees’ benefits.
In his remarks, Director-General of the National Orientation Agency (NOA), Malam Lanre Issa-Onilu, commended PenCom and the NSIWC for their collaboration in bridging knowledge gaps on the CPS and online enrolment processes.
Issa-Onilu said the administration’s ongoing reforms would strengthen stakeholders’ confidence in government policies and reaffirmed NOA’s commitment to promoting public awareness, national values, and policy understanding.
The workshop was jointly organised by PenCom and the NSIWC.
Meanwhile, the Nigerian Labour Congress (NLC) has called for an increase in the Retirement Savings Account (RSA) withdrawal limit, proposing to raise the threshold from 25 percent to 50 percent.
NLC President, Comrade Joe Ajaero, made the demand during a roundtable discussion with the management of the National Pension Commission (PenCom) in Abuja on Thursday.
The event had the theme, “Consolidating the Gains of the Contributory Pension Scheme through Collaboration with Social Partners.”
Ajaero explained that the proposed increase would enable workers to meet critical financial needs such as investments in agriculture, education, and healthcare, especially given the current economic challenges.
He also urged the Federal Government to fully constitute the PenCom Governing Board, warning that the continued absence of a complete board threatened the integrity of the Contributory Pension Scheme (CPS).
According to him, while a Chairman is currently in place, the lack of a fully functional board hampers strategic oversight, delays key decisions, and undermines proper governance within such a vital institution.
“Congress is deeply concerned about the continued non constitution of the full board of the PenCom.
“In the absence of this board, how do we ensure the integrity of the commission’s actions until the board is in place,” he said.
Ajaero also demanded for better worker benefits and accountability.
” Firstly, the NLC urged PenCom to leverage technology to significantly reduce the long processing time for retirees to access their entitlements, demanding payments within weeks, not months after retirement.
“Secondly, we propose a formal establishment of a standing NLC-PenCom committee to meet quarterly to proactively address workers grievances.
” Thirdly, they called for immediate regulatory action against ineffective PFAs and defaulting employers, including publishing the names of non-compliant employers and applying stiffer sanctions,” he said.
Ajaero said there were concerns over the proposed amendments to the Pension Reform Act 2014 (PRA2014), that workers were not informed.
The PenCom Director-General (D-G ), Mrs Omolola Oloworaran said that the CPS was the most transformative social reform the country had ever seen, saying it had restored confidence and dignity in retirement.
The D-G said that PenCom would be driving several key reforms, including the Pension Revolution 2.0, a bold initiative aimed at expanding coverage, strengthening regulation, and enhancing service delivery.
She said that the discussion also centered on the revised Regulation of Investment of Pension Assets, designed to preserve safety and optimise returns for contributors.
Oloworaran said that the micro-pension scheme had been renamed the “Personal Pension Plan.”
She said that PenCom would share updates on the proposed amendments to the PRA 2014, requesting the NLC’s input.
“The CPS can only remain strong when Nigerian workers believe in it.
“And how better to improve trust in the system than partnering with the Nigerian Labour Congress, which is closer to the people and who champion the cause of the people as well,” she said.
Oloworaran, while welcoming the NLC delegation earlier, noted that “this relationship is indispensable especially as the commission prepares to intensify its regulatory activities.”
“There will be no PenCom without labour and we need labour to achieve our goals and as we go into full-drive enforcement mode.
“Labour is a reliable partner that we want to count on,” Oloworaran said.
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