The National Pension Commission (PenCom) has reassured Nigerian retirees that all outstanding pension arrears and gratuities will be cleared by December 2025, following the maturity of the N758 billion bond approved by the Federal Government.

PenCom’s Director-General, Ms. Omolola Oloworaran, gave the assurance in Owerri during a two-day sensitisation workshop jointly organised by the Commission and the National Salaries, Incomes and Wages Commission.

Speaking through Mr. Samuel Uwandu, National Commissioner of the Inspectorate Department, Oloworaran explained that the bond would soon be converted to cash, allowing the Commission to fully settle all pending pension entitlements.

“Thanks to President Bola Tinubu, who has given PenCom a bond of N758 billion. We are working towards cashing it before the end of the year. Once converted into cash, all gratuities and arrears will be paid in full by December 2025,” she stated.

She described the move as a reflection of President Tinubu’s commitment to improving retirees’ welfare and ensuring that workers are adequately compensated after years of service.

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Oloworaran also disclosed that PenCom is in talks with the Federal Government to review the pension structure, with a proposal to increase retirees’ benefits from 75 percent to 100 percent of their final salaries.

“What this means is that pensioners would continue to receive either their full salaries or at least 75 percent of what they earned before retirement. Although PenCom serves as an intermediary, we have written to the President, and we believe this adjustment can be achieved through the National Assembly,” she explained.

The National Secretary of the Nigeria Union of Pensioners (Contributory Pension Scheme Sector), Mr. Bisan Olufemi, commended the Federal Government and the National Salaries, Incomes and Wages Commission for their recent progress in clearing accumulated arrears.

He noted that pension payments had been made up to October and praised PenCom’s efforts to ensure that retirees start receiving their benefits the same month they retire.

One of the participants, Mr. Chris Duru, expressed gratitude to the organisers of the sensitisation workshop and appealed for it to become an annual event, saying it provides valuable updates and guidance for retirees.

The two-day workshop drew more than 100 retirees from across the five South-East states and focused on educating participants about recent pension reforms and government initiatives aimed at improving retirees’ welfare.