The Federal Government has approved a ₦758 billion bond to clear outstanding pension liabilities, providing relief to thousands of retirees. This move addresses long-standing pension arrears, including increases owed since 2007.
Key allocations include:
– ₦253 billion: Settling accrued pension rights for retirees from treasury-funded ministries, departments, and agencies
– ₦388 billion: Clearing pension increases since 2007, benefiting over 250,000 retirees
– ₦107 billion: Pension Protection Fund for low-income earners
– ₦11 billion: Addressing university professors’ pension shortfalls
The National Pension Commission (PenCom) aims to enhance pension administration, eliminate waiting times, and reintroduce gratuity for civil servants. This approval marks a significant step towards restoring confidence in Nigeria’s pension system.
