PenCom Settles N758 Billion Pension Debt for Retirees

The Federal Government has paid N758 billion to clear legacy pension liabilities owed to nearly one million beneficiaries, some of which have been outstanding since 2007. This payment was announced by Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), during the PenCom annual conference in Abuja, themed “From Reform to Reality: Renewal, Pension Security for Nigerians.” The intervention reached 957,045 beneficiaries and raised total monthly pensions for over 241,000 retirees from N12.15 billion to N14.83 billion.

Oloworaran noted that pensioners from the defunct Nigeria Social Insurance Trust Fund (NSITF) received a 1,173 per cent increase in their pensions, with arrears of N8.7 billion paid in full. She also mentioned that processing retirement benefits has improved from 21 months to 48 hours.

Eligible employees of treasury-funded entities now receive an exit benefit equal to 100 per cent of their annual total. PenCom's pension assets rose from N20.7 trillion in July 2024 to N31.48 trillion in June 2026.