The National Pension Commission, PenCom, has announced that a   ₦758 billion Federal Government bond has been approved to settle outstanding pension liabilities under the Contributory Pension Scheme, CPS.

According to PenCom’s Director-General, Omolola Oloworaran, at a press briefing in Abuja, the move is expected to bring relief to thousands of retirees who have been waiting for their pension payments.

The bond will cover four key areas. These include accrued pension rights, pension increases since 2007, the Pension Protection Fund, and university professors’ pension shortfall.

Mrs Omolola expressed optimism on the subscription of the bond.

PENCOM DG Mrs Omolola explained that the breakdown of the bond allocation includes N253 billion to settle accrued pension rights for retirees of Federal Government Treasury-funded MDAs, addressing delays caused by previous funding shortfalls.

Ms. Omolola noted that, moving forward, accrued pension rights would be included in the monthly personnel cost general warrant, ensuring automatic and timely payments.

She also applauded President Tinubu’s intervention, stating that it sets a new benchmark for pension administration in Nigeria and places the CPS on a path to long-term sustainability.

Noting that the development will not only bring relief to retirees but also stimulate the economy, deepen the capital market, and enhance financial stability.