Nigerian Government Allocates N1 Trillion for Pension Backlog

Oloworaran, the head of PenCom, announced that the Nigerian government has approved N1 trillion to clear a 20-year pension backlog during the inaugural National Pension Week in Abuja. The event's theme was “Pension for All: Building a Secure Future Together.” Oloworaran emphasized that the current administration is committed to the dignity and welfare of retirees, having implemented two major pension increases under Pension Boost 1.0 and a N32,000 consequential adjustment, which she described as the highest federal-level increase.

She also revealed that PenCom will launch two welfare initiatives in November: the PennCare Health Initiative, aimed at providing health insurance for low-income retirees, and the Minimum Pension Guarantee. A pilot program involving 30,000 retirees is already in progress.

Oloworaran highlighted the issue of retirees receiving as little as N20,000 in pension, calling it a serious anomaly, and stressed that retirement security should encompass more than just pension payments.