PenCom Disburses N577 Billion to 1.05 Million Retirees, Clearing Pension Backlogs

The Pension Commission (PenCom) in Nigeria has disbursed N577.26 billion to 1.053 million Retirement Savings Accounts (RSAs), benefiting retirees and addressing pension arrears. The payment, drawn from a total of N758 billion in approved bonds, aims to settle outstanding pension liabilities and increase pension payments.

Usman Musa, head of PenCom's Management Services Department, disclosed this significant intervention during a media conference. PenCom's Director-General, Omolola Oloworaran, highlighted the government's commitment to clearing pension backlogs and improving pension adequacy.

The disbursement also aims to address the 2.5% pension contribution shortfall by the federal government from 2017 to 2021.