The National Pension Commission (PenCom) has assured Nigerian retirees that all outstanding gratuities and arrears will be settled by December 2025.
PenCom’s Director-General, Omolola Oloworaran, announced the commitment at a workshop in Owerri organised alongside the National Salaries, Incomes and Wages Commission (NSIWC). She said the recently approved ₦758 billion bond will be converted into cash to facilitate immediate payment of retirees’ dues.
She further stated that President Bola Tinubu’s approval of the bond demonstrates the government’s dedication to improving the welfare of retired workers. The proposed benefit adjustment aims to raise pension coverage from 75 percent to 100 percent of final salary.
Retirees represented by the Nigeria Union of Pensioners Contributory Pension Scheme Sector have welcomed the announcement and thanked the government for recent payments up to October. They urged prompt action to keep the momentum going.
For the broader pension industry, the pledge marks a significant milestone in delivering long-promised reforms. But full success will depend on the timely conversion of the bond, transparent implementation and ongoing oversight.
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