The National Pension Commission has begun the payout of a N758 billion Federal Government approved pension bond, easing long standing arrears owed to retirees and marking a major boost for confidence in Nigeria’s pension system.
PenCom Director General Omola Oloworaran disclosed in Lagos that the bond, approved earlier this year, has been fully cashed and applied to outstanding pension obligations. She confirmed that more than N600 billion has already been disbursed to beneficiaries, describing the exercise as a significant milestone for the sector.
She also revealed that pension assets under management have grown to about N27 trillion, driven by policy reforms and tighter governance under the commission’s ongoing transformation agenda. According to her, the reforms are focused on rebuilding trust, expanding pension coverage and improving operational efficiency across the contributory pension scheme.
The News Chronicle understands that the bond payout is central to efforts to stabilise the pension system, reassure retirees, and reinforce the credibility of long term retirement savings in Nigeria. Industry sources say the move has eased pressure on pension fund administrators while improving benefit settlements.
PenCom also highlighted progress in automation, with key pension processes now digitised, as well as improvements in monthly pension payments through recent benefit enhancements. The commission added that reforms to attract informal sector workers into the pension system are gaining traction.
Stakeholders say the bond release signals renewed government commitment to pension obligations and strengthens confidence among contributors and retirees alike.
