Federal Government Settles N758bn Pension Backlog

The Federal Government has successfully cleared all inherited pension liabilities dating back to 2007 through a N758 billion intervention bond, providing financial relief to 957,045 beneficiaries nationwide. This achievement was announced by Ms Omolola Oloworaran, Director General of the National Pension Commission (PenCom), during her keynote address at the 2026 PenCom Media Conference in Lagos.

Oloworaran stated that this payout signifies the end of decades of delayed benefits across multiple political administrations. She emphasized that the government’s action represents statesmanship and a commitment to honoring promises made to workers.

Additionally, PenCom revealed that accrued pension rights for federal employees retiring up to December 2029 have been credited to their Retirement Savings Accounts. To prevent future backlogs, a Zero Waiting Time Policy has been introduced, aligning retirement payouts with monthly salary cycles, reducing processing times from 21 months to 48 hours.

The conference also announced significant increases in pension payouts for retirees of the defunct Nigeria Social Insurance Trust Fund and across the Contributory Pension Scheme.