The Director-General of the National Pension Commission, Omolola Oloworaran, has stated that the commission is optimistic that the recently approved N758 billion bond by the Federal Executive Council to clear pension liabilities will be concluded and floated in the next three months.
Oloworaran made the disclosure in Abuja on Wednesday at a press conference on recent developments in the pension sector.
She said the N758 billion Federal Government of Nigeria (FGN) Bond to fully settle outstanding pension liabilities under the Contributory Pension Scheme (CPS) was a decisive intervention by President Bola Tinubu, which signals a new dawn for pensioners, ensuring that the CPS fulfills its core mandate of providing timely and adequate retirement benefits.
“The bond resolves all accumulated pension liabilities, covering Accrued Pension Rights of N253 billion allocated to settle outstanding entitlements for retirees of FGN Treasury-funded MDAs, addressing the delays caused by previous funding shortfalls.
“Going forward, accrued pension rights will be included in the monthly personnel cost general warrant, ensuring automatic and timely payments.”
