Federal Government don clear all inherited pension liabilities wey start since 2007, using N758 billion intervention bond. The money bring financial relief to 957,045 beneficiaries across Nigeria.
Director-General of National Pension Commission, Omolola Oloworaran, talk this on Tuesday at 2026 PenCom Media Conference for Lagos. She speak on theme, ‘From Reform to Reality: Renewed Hope, Pension Security for All Nigerians’.
Oloworaran say the settlement mark end of long backlog of pension obligations wey pass through different administrations. She talk say, ‘The Federal Government cleared all inherited pension liabilities, some dating back to 2007. These obligations passed through multiple administrations, but this government chose to settle them.’
According to her, the clearance show big shift for how government dey handle pension administration. E also eye make sure retirees collect benefits wey dem suppose get without long delay.
The pension regulator say the debt settlement be part of wider reforms wey President Bola Tinubu introduce to make Nigeria pension system stronger and improve retirement outcomes.
PenCom also disclose say accrued pension rights for federal employees wey go retire up to December 2029 don enter their Retirement Savings Accounts before retirement. The commission say the exercise follow one-time verification and enrolment process to reduce delay for retirement benefit payment.
To stop fresh liabilities from piling up, PenCom introduce Zero Waiting Time Policy. The policy wan align retirement benefit payments with monthly public-sector salary cycles. Under the policy, benefit processing time reduce from 21 months to 48 hours.
The regulator also talk about reforms for retirees of defunct Nigeria Social Insurance Trust Fund. A 21-year review of payments bring average 1,173 percent increase in benefits for 2,116 NSITF retirees, plus payment of N8.7 billion in arrears.
Similarly, Pension Boost 1.0 increase monthly disbursements under Contributory Pension Scheme from N12.15 billion to N14.83 billion. The increase raise monthly pension payments for more than 241,000 retirees across the country.
Oloworaran say government worker-welfare policies no suppose dey measured only by how employees dey treated during service years. She talk say dem also suppose measure am by how pension obligations dey honoured after retirement.
She talk say, ‘Every nation makes a promise to the people who build it, those who serve faithfully and diligently. When your working years are done, your country should not forget you.’
PenCom say e still dey prepare more measures to improve welfare and coverage of retirees and workers. Dem include PenCare free healthcare support programme, wey go initially target 30,000 low-income retirees, and activation of statutory Minimum Pension Guarantee.
The commission also dey expand Micro Pension Plan to reach more informal-sector workers, including traders and artisans, through nationwide agent network.
