The National Pension Commission (PenCom) says the Federal Government has disbursed over ₦577 billion to clear outstanding pension liabilities under the contributory pension scheme (CPS).
The Director-General of PenCom, Omolola Oloworaran, disclosed this on Tuesday at the 2025 Pension Revolution Summit held in Abuja.
According to her, the disbursement is part of the ₦758 billion approved by President Bola Tinubu in February to settle long-standing pension obligations owed to federal workers, retirees and contributors.
Oloworaran said the funds covered pension increases, contribution shortfalls and other legacy liabilities. She disclosed that ₦387 billion was earmarked for pension increases, out of which ₦362.7 billion has been paid to more than 9.1 million retirees, while the balance of about ₦24.7 billion is still being processed.
She added that ₦107 billion was remitted to address a 2.5 per cent pension contribution shortfall by the Federal Government between 2017 and 2021, benefiting over 750,000 retirement savings account holders.
According to the PenCom DG, a total of ₦577.5 billion has already been credited to the retirement savings accounts of retirees and contributors, impacting over 1.05 million accounts nationwide.
Oloworaran said the intervention has helped restore confidence in the pension system and reflects the government’s commitment to meeting its obligations to workers and retirees.
She said PenCom’s Pension Reform 2.0 agenda has delivered improved compliance, better pension payments, digital transformation and stronger retiree welfare, adding that Pension Boost 2.0 has increased monthly pension payments by ₦2.68 billion since June.
Oloworaran said the commission will continue to strengthen compliance, expand coverage and protect the rights of retirees and contributors.
 says the Federal Government has disbursed over ₦577 billion to clear outstanding pension liabilities under the contributory pension scheme (CPS).){kind=link}