FG Set to Issue N758bn Bond to Clear Pension Liabilities, PenCom Reveals

The Federal Government of Nigeria plans to issue a N758 billion bond in the first week of October to clear outstanding pension liabilities, as revealed by the National Pension Commission (PenCom). The Director of the Contribution Bond Redemption Department at PenCom, Usman Musa, stated that the process has already commenced and is moving swiftly following approvals from the Federal Executive Council and the National Assembly.

The issuance of the bond aims to address the coverage gap, adequacy, governance, and impact challenges in the pension industry. The inauguration of the Pension Industry Leadership Council is seen as a significant milestone in providing collective leadership and coordination in the pension sector.