•Aremu lauds Tinubu over Pension bond

The National Pension Commission, PenCom, has given insight into how all accumulated pension liabilities covering N758billion accrued pension rights for retirees of the Federal Government Treasury-funded ministries, departments and agencies MDAs, were settled.
The Director-General, D-G, of the Commission, Ms Omolola Oloworaran who disclosed in Abuja, also restated the Contributory Pension Scheme, CPS, commitment to seamless payment and adequate retirement benefits to retirees.
Ms Oloworaran noted that the pension reform had achieved a milestone, saying “A defining milestone in our nation’s pension administration has been achieved through the approval of a N758 billion Federal Government bond to fully settle outstanding pension liabilities under the CPS.
“ President Bola Tinubu has signaled a new dawn for pensioners, ensuring that the CPS fulfills its mandate of providing timely and adequate retirement benefits.”
According to her, President Tinubu had set a new standard for pension administration in the country, effectively resetting the CPS on the path to sustainability.
She said “Achieving full implementation required strategic collaboration. PenCom will continue working with all stakeholders to ensure the seamless issuance of the bond and the timely disbursement of pension payments.
“ Our priority remains efficiency, transparency and accountability in the administration of retirement benefits. The resolution of pension liabilities restores confidence in the CPS and positions the pension industry for long-term growth.
Beyond the immediate payments to retirees, it will stimulate the economy, deepen the capital market, and enhance financial stability.
The landmark bond resolves all accumulated pension liabilities covering: N253 billion accrued pension rights to settle outstanding entitlements for retirees of the Federal Government Treasury-funded MDAs,
She said that addressing the delays caused by previous funding shortfalls, going forward accrued pension rights would be included in the monthly personnel cost general warrant, ensuring automatic and timely payments.
The Director General informed that N388 billion pension increases since 2007, had been approved, explaining that the long-overdue entitlement would benefit more than 250,000 retirees.
She said: “It will reflect on the administration’s commitment to ensuring pensions remained fair and responsive to economic realities.
“ For the first time, the Federal Government is contributing to the PPF, ensuring that pensioners particularly low-income earners receive a living wage in retirement. This is a major step towards strengthening financial security for all retirees under the CPS.”
She said N11 billion for the university professors’ pension shortfall had been released, explaining that it would implement the provision allowing eligible university professors to retire on their full salary, while addressing the funding gaps that previously hindered its execution.
Ms Oloworaran said “With this burden lifted, the pension industry can now focus on innovation, improved service delivery, and optimising investment returns.
“ A renewed emphasis will also be placed on expanding the Micro Pension Plan, ensuring that Nigerians in the informal sector can save securely for their future.”
She commended President Tinubu and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, for their support in bringing the initiative to fruition.

Aremu hails Tinubu

Meanwhile, Director General, DG, of Micheal Imoudu Michael Imoudu National Institute for Labour Studies, MINILS, Issa Aremu has President Bola Ahmed Tinubu for approving N758 billion bond to settle long standing pension liabilities for the Federal government funded MDAs.
According to Aremu, the approval is
“a timely welcome act of compassion, statesmanship and good governance” in the country’s pension market.
Speaking weekend on the sideline of 2025 Ramadan Annual Lecture Nigeria Television Authority, NTA, Ilorin, Kwara State, Aremu said while successive governments “unacceptably accumulated pension arrears”, it was commendable that President Tinubu boldly “cleared the slate of pension indebtedness” noting that “the N758 billion is the most impactful measure of the Renewed Hope Agenda in labour market after the 2024 National minimum wage Act “.
The MINILS Director General observed that the historical decision approved by the Federal Executive Council, FEC, which translated to the highest Federal pension bond in history “marked a watershed moment in Nigeria’s pension administration in Nigeria” .
He urged state governments to emulate the federal government in settling the claims of pensioners in the states lamenting that millions of retired workers “suffered avoidable delayed and low pension incomes.”AREMU said all efforts to fight systemic corruption will not yield the desired result until “Nigeria intentionally secures life after work for the working people. Some of the anxiety for cutting corners, both for senior and junior workers, is caused by the fear of what happens after active work with poor unpaid pensions, one key instrument to therefore fight corruption will be an enhanced, expanded paid pension arrears as the President has commendably done for the Federal workforce.”
MINILS DG commended PenCom under the leadership of Director General, Ms. Omolola Oloworaran, who he said has promoted activist cooperate governance by engaging relevant authorities to resolve pension liabilities in ways that has restored the dignity of public retirees and reinforced trust in the 30 year old Contributory Pension Scheme, CPS .

PenCom DG takes benefits of CPS to Yobe Gov

In the continuous efforts to ensure all workers benefit from the gains of the Pension Reform Act, PRA, the National Pension Commission, PenCom, has met with the government of Yobe State.

This came as Governor Mai Buni restated his administration’s commitment to implement the Contributory Pension Scheme, CPS in the state .
The Governor spoke during a meeting with the Director- General of PenCom, Ms. Omolola Oloworaran in Abuja.
A statement by the commission informed the meeting discussed the adoption and implementation of the CPS in Yobe State.
According to the statement, the engagement aimed at addressing critical steps required for the transition from the Defined Benefits Scheme, DBS, which is currently in practice in Yobe State to the more sustainable CPS to chart a clear path for the State’s pension reform efforts.
The governor reiterated his administration’s dedication to the welfare and financial security of retirees in the state.
He emphasised the import of the CPS as a part of ongoing efforts to ensure a stable and sustainable pension system for state employees.
Highlighted that the adoption of the CPS would not only provide long-term benefits but also address issues related to pension arrears and past service liabilities,the governor further emphasised the need for sensitisation programmes to ensure that all stakeholders understand the scheme’s benefits and operational framework.
The statement also quoted the PenCom’s Director General of briefing the governor on the CPS and its long-term benefits for state employees.
It said discussions centred on the importance of passing the CPS Bill, ensuring timely remittances, and addressing past service liabilities through actuarial valuation.
It added:”A key outcome of the meeting was the Governor’s assurance of his administration’s readiness to implement the CPS by passing a robust pension law and setting up the necessary administrative structures. Governor Buni also reaffirmed his commitment to pre-retirement training programmes aimed at equipping civil servants with skills for post-retirement opportunities”.
Ms. Oloworaran lauded Governor Buni for his proactive approach, particularly his initiative to clear pension arrears owed to retirees.
She pledged continuous technical support from PenCom to facilitate the smooth adoption of the CPS in the state.