The National Pension Commission (PenCom) has commenced payment of the N758 billion pension bond released by the Federal Government to settle accumulated retirement benefits owed to pensioners.
PenCom’s Director-General, Ms. Omolola Oloworaran, announced the commencement during the Pension Revolution Summit held in Abuja. She confirmed that the bond, which received presidential approval from President Bola Tinubu in February, has been fully redeemed and funds made available for disbursement.
According to Oloworaran, the N758 billion facility was set aside to offset outstanding pension liabilities, ensuring that retirees under the Contributory Pension Scheme (CPS) receive their entitlements without further delays.
She emphasized that the move demonstrates the Federal Government’s commitment to improving the welfare of retired public servants and restoring confidence in the pension system.
The initiative marks a major milestone in ongoing efforts to clear backlogs and strengthen the country’s pension administration framework for future retirees.
