President Bola Tinubu has approved a N758 billion bond to clear long-standing pension liabilities under the Contributory Pension Scheme (CPS) for federal workers across Nigeria.

The landmark decision, endorsed during the Federal Executive Council (FEC) meeting on February 4, 2025, marks a significant shift in Nigeria’s pension administration. It also includes the first-ever funding of the Pension Protection Fund, a statutory provision established in 2014 to support low-income pensioners but left unfunded until now.

Beyond settling all pension increases since 2007, the intervention addresses university professors’ pension shortfalls, ensuring they receive full salaries as pension benefits.

Reacting to the development, Omolola Oloworaran, Director General of the National Pension Commission (PenCom), praised Tinubu’s leadership in tackling long-standing pension issues.

“We commend the President for his bold and compassionate leadership in resolving these concerns,” she said, emphasizing that the intervention restores retirees’ dignity and strengthens trust in the CPS.

Oloworaran also hailed Tinubu’s visionary approach in ensuring pensioners receive their entitlements without delay, reinforcing the administration’s commitment to a sustainable and equitable pension system.

Since assuming office, she has worked closely with relevant authorities to address pension liabilities, culminating in this breakthrough.

PenCom has urged all stakeholders to fast-track the bond issuance to ensure pensioners receive their payments promptly.