The federal government has authorised the issuance of ₦758 billion in bonds to address long-standing pension liabilities across public service and private sectors.
At a recent workshop on the Contributory Pension Scheme (CPS), the Director General of National Pension Commission (PenCom), Ms. Omolola Oloworaran, confirmed the bond approval. The issuance is intended to settle arrears and grant increases owing since 2007.
Ms. Oloworaran stated that pension assets have surpassed ₦25 trillion. She also reported that more than 10 million Nigerians are now covered under the CPS, with over 844 000 retirees receiving steady benefits.
The bond issuance marks one of the largest direct interventions into pension liabilities in recent years. The move is expected to improve beneficiary confidence and support the broader goal of pension system reform.
For the financial sector and pension industry, this development offers both opportunities and risks. The successful deployment of the funds could restore trust in the system and encourage greater participation. On the other hand, careful monitoring and transparent deployment will be crucial to avoid future liabilities.
