The National Pension Commission (PenCom) don announce say e don pay N577,264,960,890 to 1,053,000 Retirement Savings Accounts (RSAs) to help clear pension backlog, officials talk on Tuesday.
Di announcement come from Head of PenCom Management Services Department, Usman Musa, during di 2025 PenCom Media Conference wey dem tag “Pension Revolution Summit: A 365-Day Scorecard”
Update on N758 Billion FGN Bond
Musa confirm say di full N758 billion Federal Government bond wey dey meant to settle all outstanding pension liabilities under di Contributory Pension Scheme (CPS) don land PenCom.
“We don pay N362,700,000,000 out of N387 billion earmarked for pension increases. We also don remit N107 billion to cover the 2.5% shortfall for Federal Government contributions between 2017 and 2021. In total, N577,264,960,890 don hit RSAs for retirees and contributors, affecting 1,053,000 accounts,” Musa tok.
PenCom 365-Day Scorecard
PenCom Director-General, Omolola Oloworaran, highlight say one of di major achievements of 2025 na di presidential approval and disbursement of di N758 billion bond to clear outstanding pension liabilities.
She add say di intervention show Nigeria dey honour commitment to workers and retirees. PenCom also launch Pension Post 1.0, wey don add N2.68 billion to monthly pension payments since June.
Oloworaran say compliance measures like linking Pension Clearance Certificates to participation across di pension chain don improve outcomes. From January to November 2025, total pension recoveries reach N4.04 billion, up 180% from N1.44 billion in 2024.
She also mention say PenCom don fully automate key pension processes, including Benefit Processing and Contribution Remittance Platforms, and inaugurate Board of Trustees for Pension Healthcare Initiative to provide affordable healthcare for low-income retirees.
Backstory
Recall say Federal Executive Council (FEC) approve di N758 billion bond on February 5, 2025, to settle outstanding pension liabilities. President Bola Ahmed Tinubu sanction di bond, wey cover accrued pension rights, pension increases since 2007, Pension Protection Fund, and University Professors’ Pension Shortfall.
Minister of Finance, Wale Edun, say di approval go enable Debt Management Office (DMO) to raise fund to clear long-standing arrears.
About CPS
The Contributory Pension Scheme (CPS) na law under Pension Reform Act 2004, wey require employers and employees for public and private sectors to contribute towards retirement benefits. Before now, Nigeria pension system dey face challenges like poor funding, weak management, low coverage, and weak regulatory framework.
