Pensioners under Nigeria’s Contributory Pension Scheme (CPS) have appealed to the National Assembly to approve the full implementation of the N758 billion Treasury bond announced earlier this year, intended to clear decades-long arrears owed to retirees.
The bond, approved in February 2025 by President Bola Tinubu during a Federal Executive Council (FEC) meeting, was introduced to settle outstanding liabilities under the CPS for federal retirees.
The initiative aims to resolve long-standing pension obligations, some of which date back over 16 years.
Call for Speedy Implementation
Speaking on Tuesday, the National Chairman of the Nigeria Union of Pensioners’ Contributory Pension Scheme Sector, Mr. Sylva Nwaiwu, called on lawmakers to prioritize implementation without delay.
“The leadership of this union believes that the bond approval is a necessary fiscal decision to settle outstanding government liabilities to CPS retirees. It is also a demonstration of humanity, fiscal responsibility, and moral obligation by the president, which should be commended and supported by the Senate,” he said.
Delays Linked to Pensioner Fatalities
Mr. Nwaiwu expressed concern that many retirees had passed away after celebrating the bond’s approval, yet never received payment due to implementation delays. He warned that continued inaction risked further casualties among aging pensioners, citing stress-related health issues.
“It has become imperative for us to draw the attention of the Federal Government to this and appeal for an early implementation of the bond for the payments of CPS retirees. This is to avoid further fatalities in this sector arising from high blood pressure as a result of long expectations of entitlements.”
He added that if the implementation proceeds successfully, the union plans to hold a nationwide event to recognize and celebrate the president’s action.
“When that is done, we shall organise a mega solidarity party to celebrate the president’s administration, which will be held across the country,” he said.
What You Should Know
In February, Ms. Omolola Oloworaran, Director General of the National Pension Commission (PenCom), provided further clarity on the bond’s breakdown.
- N253 billion had been earmarked for settling accrued pension rights of retired federal workers from Treasury-funded Ministries, Departments, and Agencies (MDAs), aiming to eliminate delays from past funding gaps.
- N388 billion was allocated to cover unpaid pension increases since 2007, which had been outstanding for nearly two decades.
- For the first time, the government committed N107 billion to the Pension Protection Fund (PPF) to support vulnerable, low-income pensioners in achieving a more stable retirement income.
An additional N11 billion was designated to close the pension shortfall for university professors. This funding enables full implementation of the policy, allowing qualified professors to retire on their full salary, a provision hindered in the past by budgetary constraints.
Oloworaran also noted that going forward, all accrued pension rights will be incorporated into the federal payroll process via monthly personnel cost general warrants, ensuring more timely and automatic disbursements.
I strongly commend our President Bola Hammed Tinubu for all the new innovative methods he is introducing to the public service to help Nigerians grow, Although his capacity is being limited by foreign dictators like IMF, WORLD BANK, etc but our President Bola Hammed Tinubu is trying his best. I prayed that God help us pensioners to allow Government stake holders to help implement the pensioners funds has approved immediately. Up till now my monthly pension allowance is #32,000: Naira only after 29 years of meritorious service and retirement on age ground on level 12 with Federal Civil Service. Anyway God bless Nigeria Amen.