COMFORT EKELEME, Business Editor
The wait is finally over for Nigerian pensioners as the federal government has approved a N758 billion bond to clear outstanding pension liabilities, putting an end to delays in pension payments.
Director-General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, said the bond will settle pension increases owed since 2007, accrued pension rights, and other entitlements.
Speaking Thursday in Lagos at the 2025 PenCom media conference, she said this development will further enhance pension adequacy, adding that the commission is working to ensure transparency and efficiency in the pension sector, with plans to expand coverage to the informal sector and enhance pension fund sustainability.
The conference has the theme: “Pension Revolution Summit: A 365 Days Scorecard.
The breakdown includes N253 billion for outstanding entitlements, N388 billion for pension increases, N11 billion for university professors’ pension shortfalls, and N107 billion for the Pension Protection Fund
According to her, this development is expected to benefit over 1 million retirees, with over N577 billion already credited to their accounts.
This is even as pension recovery has also seen a significant boost, with a 180 per cent increase in recoveries, reaching N4.04 billion between January and November 2025.
In a bid to improve retirees’ welfare, she said PenCom is launching the Pension Healthcare Initiative (PENCARE) next year, starting with 30,000 retirees from six geo-political zones.
She said this initiative aims to provide affordable healthcare access to low-income retirees.
The PenCom DG assured that the new system is here to stay, and pension payments will no longer be delayed.
According to her, the commission had, in June, added N2.6 billion to monthly pension payments across board for the contributory pension scheme.
She noted that retirement should be a season of peace, not a period defined by anxiety over medical bills.
“And again, I’m happy to announce that the pilot will be launched March next year, and we hope to enroll 30,000 retirees. Across the Six geopolitical zones of the country.
“We also inaugurated the Board of Trustees of the pension industry healthcare initiative, which we call Penn care, a landmark industry-wide intervention to provide free and accessible healthcare for low-income retirees.
“From January to November 2025, total pension recoveries reached 4.04 billion, compared to 1.4 4 billion for the whole of 2024, this represents a 180 per cent increase. Most striking, I would say, is that in the third quarter alone of this year, 2025 we recovered 2.0 6 billion, and that is almost 150 per cent of total recoveries recorded in the entire year of 2025.
“We are also seeing a similar shift in compliance behavior in the obtaining of pension payment certificates. As we move into the next phase of the pension revolution, our focus remains clear, to expand coverage, deepen trust, improve investment outcomes, strengthen supervision and protect retirees and active contributors.
“The pension revolution 2.0, recently launched, was the most comprehensive reform agenda in the Nigerian pension industry since 2004 this was not a cosmetic reform. It wasn’t just a boss name. It was structural,” she said.
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