PenCom's ₦758bn Bond Benefits 957,045 Retirees in Nigeria

Ms Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), announced that the Federal Government's approved ₦758 billion pension bond has facilitated payments to 957,045 retirees. Speaking at a media conference in Abuja, she highlighted that nearly one million Nigerians benefited from this fund.

For the first time in many years, retirees under the Contributory Pension Scheme received a pension increase, with total monthly pension payments rising from ₦12.15 billion to ₦14.83 billion. Additionally, pensions for 2,116 retirees of the defunct Nigeria Social Insurance Trust Fund (NSITF) were reviewed, resulting in an unprecedented increase of 1,173 percent.

The Federal Government has cleared pension liabilities inherited from previous administrations, some dating back to 2007. Under the new Zero Waiting Time policy, federal retirees now receive their pensions promptly upon retirement.

Oloworaran urged eligible employees to complete their enrolment before December 2026.