The assurance was given in Owerri during a two-day sensitisation workshop jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC). PenCom’s Director-General, Ms. Omolola Oloworaran, made the announcement while being represented by Mr. Samuel Uwandu, National Commissioner of the commission’s Inspectorate Department.
“Thanks to President Bola Tinubu, who provided PenCom with a bond of N758 billion, we are working towards cashing it, and we hope to do so before the end of the year,” Oloworaran said. “The bond will be converted into cash, all gratuities will be paid in full by December, and everyone owed arrears will be fully settled.”
The Director-General emphasized that the bond underscores President Tinubu’s commitment to improving retirees’ welfare and ensuring that workers receive their due entitlements after years of service. She further revealed that PenCom had initiated discussions with the Federal Government on increasing retirees’ benefits from 75 percent to 100 percent of their final emoluments.
“What this means is that whatever a pensioner earned as salary upon retirement would be what they continue to receive in full, or at least 75 percent of it,” Oloworaran explained. “Although PenCom acts as an intermediary, we have contacted the President, and we believe this adjustment can be effected through the National Assembly.”
The initiative has received praise from pensioners’ representatives. Bisan Olufemi, National Secretary of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), commended the Federal Government and NSIWC for their efforts in clearing accumulated pension arrears. He also lauded PenCom for promising that retirees would begin receiving benefits in the same month they retire.
Participants at the workshop, which drew over 100 retirees from the five states of the South-East geopolitical zone, expressed optimism and gratitude. Mr. Chris Duru, a retiree, called for the sensitisation exercise to be held annually, saying it provided critical updates and guidance that could benefit more retirees.
The announcement marks a significant step toward addressing long-standing concerns over delayed pension payments and demonstrates the Federal Government’s renewed focus on the welfare of Nigeria’s retired workforce.