The Director-General of the National Pension Commission, Omolola Oloworaran, has said that retirees would soon be able to enjoy the benefits of their pension increases since 2007.
Oloworaran said this during an interview on the NTA News following stakeholders’ meetings with licensed pension fund administrators.
The Federal Executive Council earlier this month approved the issuance of a Federal Government bond worth N758bn to settle outstanding pension liabilities owed to retirees under the old Defined Benefit Scheme.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, explained that the approval authorises the Debt Management Office to raise the funds needed to clear the backlog of pension arrears.
The PenCom highlighted that the payment of the pension arrears worth N387.5bn will come from the proceeds of the pension bond.
She said, “This indeed is a significant development in the pension industry. We have N387.5bn, which will be committed to pension increases since 2007. Yes, you heard me right; that was almost two decades ago.
“Some pension increases have been pending without the government paying for them, but this government under President Bola Tinubu has taken this issue seriously and will be paying all outstanding pension increases from 2007 to date.”
