The National Pension Commission (PenCom) has announced plans to clear all outstanding pension liabilities under the Contributory Pension Scheme (CPS) before December 2025.
PenCom Director-General, Ms. Omolola Oloworaran, disclosed this on Wednesday during the opening of a two-day sensitisation workshop for employees and pension desk officers in Lagos. The event was organised by PenCom in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC).
According to Oloworaran, the payment process follows the Federal Government’s approval of a ₦758 billion bond, endorsed by President Bola Tinubu. The bond, she explained, will offset pension arrears accumulated over nearly two decades.
“The waiting time is almost over; we are at the finishing line,” she said. “Very soon, all retirees under the CPS with outstanding benefits will be paid, thanks to President Tinubu’s commitment to the welfare of ordinary Nigerians.”
She added that PenCom had taken its time to ensure that every beneficiary receives the correct entitlement without errors.
Oloworaran also assured that federal workers retiring between October and December would be paid their pension benefits before 15 December.
The DG outlined several new measures aimed at strengthening the pension industry, including:
She also unveiled the Personal Pension Plan (PPP) — a new initiative designed to extend pension coverage to informal sector workers through accredited pension agents across the country.
“The President has mandated that no Nigerian should be left behind,” she said. “We are deploying agents nationwide to reach rural and informal workers, ensuring everyone has access to retirement savings.”
Oloworaran revealed that PenCom would soon roll out a free health insurance scheme for low-income retirees, expected to commence before the end of 2025.
She acknowledged ongoing challenges in expanding coverage to informal workers and addressing pension arrears still owed by some state governments, noting that the Commission was engaging affected states to find lasting solutions.
According to her, the workshop aims to deepen understanding of the CPS, build stakeholder trust, and prepare for the 2026 retiree enrolment exercise.
Oloworaran also introduced a new Enrolment Application designed to make registration more seamless and user-friendly for retirees and administrators.
She urged pension desk officers to take the upcoming one-off enrolment exercise for treasury-funded Ministries, Departments and Agencies (MDAs) seriously, noting that it would help determine the Federal Government’s total pension liabilities and ensure timely funding of accrued rights.
“Once liabilities are computed and funded, contributors will begin earning returns on their Retirement Savings Accounts even before retirement,” she added.
In her remarks, Mrs Ibhade Okoruwa, National Vice Chairman of the Forum of Pension Desk Officers, commended PenCom for organising the workshop and pledged the forum’s commitment to achieving its objectives.
Also speaking, Mr Akin Abe, Director of Compensation at the NSIWC, praised PenCom’s efforts in improving pension administration in Nigeria.
Similarly, Mr. Lanre Issa-Onilu, Director-General of the National Orientation Agency (NOA), represented by Mr. Temitope Adewunmi, pledged to support PenCom’s outreach initiatives. He said the NOA had developed a new mobile application to provide Nigerians with verified updates on government operations.
Issa-Onilu encouraged citizens to use the app and follow the agency’s upgraded website and social media platforms for accurate information on pension-related matters.
