PenCom pledges full implementation of pension increases backed by ₦758bn bond

The National Pension Commission (PenCom) has assured pensioners across Nigeria that all outstanding pension increases approved by the Federal Government will be fully implemented before the end of the year, backed by a ₦758 billion bond released by President Bola Ahmed Tinubu.

Omolola Oloworaran, Director General of PenCom, gave the assurance during a courtesy visit to the headquarters of the Nigeria Union of Pensioners (NUP) in Abuja.

Speaking at the meeting, Oloworaran commended the NUP for its tireless advocacy in defending the interests of pensioners. She noted that the Union’s representation on PenCom’s Governing Board had been vital to the smooth running and effective implementation of the Contributory Pension Scheme (CPS).

According to her, the protection of pensioners and the safeguarding of their benefits remain at the heart of PenCom’s mandate and with the ₦758 billion bond approved by President Tinubu, pension increases earlier announced by the government will soon be fully implemented.

“We are working to ensure that funds are disbursed without delay so that retirees can enjoy the dignity they deserve after years of service,”

The PenCom boss stressed that the Commission and NUP share a common mission of ensuring retirees’ welfare, adding that sustained collaboration would help secure the gains of pension reforms.

In his remarks, Godwin Ikechukwu Abumisi, NUP President, hailed the visit as historic, noting that Oloworaran is the first PenCom Director General to visit the Union’s national headquarters.

He described PenCom as a “star performer” in prioritising the welfare of retirees and expressed gratitude to President Tinubu for making pensioners’ wellbeing a central focus of government policy.

The NUP leader, however, urged PenCom to ensure the full implementation of all past pension increases under the CPS. Oloworaran reiterated that this would be achieved within the year, once the bond proceeds are disbursed.

The visit ended with the PenCom delegation inspecting the Union’s ongoing headquarters building project, with both institutions pledging to strengthen their partnership in the interest of pensioners nationwide.