Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that payments addressing the backlog of pensions under the Contributory Pension Scheme (CPS) will begin next week. Edun made this pledge on Tuesday, following a protest by the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) outside the Ministry of Finance in Abuja.

“We will start disbursing payments next week to address all outstanding dues that the current National Assembly-approved budget allows,” Edun stated, adding that a committee under the Office of the Head of Service has outlined a plan to resolve these pension arrears. Additionally, he mentioned a proposal to raise funds through the capital market to fully clear the backlog, which is awaiting presentation to President Tinubu.

Expressing regret that pensioners resorted to protesting, Edun admitted he was unaware of the group’s November 11 deadline. “Had I known, I would have done everything possible to avoid this situation,” he assured, reiterating his openness to meet with pensioners as needed.

NUPCPS Chairman Sylva Nwaiwu urged the government to expedite the payments, noting that many pensioners have gone unpaid since March 2023. “Our senior citizens are struggling to survive, with many unable to afford food, medical care, or support their families,” Nwaiwu stated, stressing that some pensioners are bedridden or have died awaiting their entitlements.

He acknowledged the recent minimum wage increase by President Tinubu but pointed out that pensioners have yet to benefit from similar adjustments under the National Minimum Wage Act.