Pensioners beneath Nigeria’s Contributory Pension Scheme (CPS) have appealed to the Nationwide Meeting to approve the complete implementation of the N758 billion Treasury bond introduced earlier this yr, supposed to clear decades-long arrears owed to retirees.
The bond, authorized in February 2025 by President Bola Tinubu throughout a Federal Government Council (FEC) assembly, was launched to settle excellent liabilities beneath the CPS for federal retirees.
The initiative goals to resolve long-standing pension obligations, a few of which date again over 16 years.
Name for Speedy Implementation
Talking on Tuesday, the Nationwide Chairman of the Nigeria Union of Pensioners’ Contributory Pension Scheme Sector, Mr. Sylva Nwaiwu, known as on lawmakers to prioritize implementation directly.
“The management of this union believes that the bond approval is a mandatory fiscal resolution to settle excellent authorities liabilities to CPS retirees. Additionally it is an illustration of humanity, fiscal duty, and ethical obligation by the president, which ought to be counseled and supported by the Senate,” he stated.
Delays Linked to Pensioner Fatalities
Mr. Nwaiwu expressed concern that many retirees had handed away after celebrating the bond’s approval, but by no means acquired cost as a result of implementation delays. He warned that continued inaction risked additional casualties amongst growing old pensioners, citing stress-related well being points.
“It has turn into crucial for us to attract the eye of the Federal Authorities to this and attraction for an early implementation of the bond for the funds of CPS retirees. That is to keep away from additional fatalities on this sector arising from hypertension because of lengthy expectations of entitlements.”
He added that if the implementation proceeds efficiently, the union plans to carry a nationwide occasion to acknowledge and have fun the president’s motion.
“When that’s completed, we will organise a mega solidarity social gathering to have fun the president’s administration, which might be held throughout the nation,” he stated.
What You Ought to Know
In February, Ms. Omolola Oloworaran, Director Normal of the Nationwide Pension Fee (PenCom), supplied additional readability on the bond’s breakdown.
- N253 billion had been earmarked for settling accrued pension rights of retired federal staff from Treasury-funded Ministries, Departments, and Businesses (MDAs), aiming to remove delays from previous funding gaps.
- N388 billion was allotted to cowl unpaid pension will increase since 2007, which had been excellent for practically twenty years.
- For the primary time, the federal government dedicated N107 billion to the Pension Safety Fund (PPF) to help weak, low-income pensioners in reaching a extra secure retirement revenue.
A further N11 billion was designated to shut the pension shortfall for college professors. This funding permits full implementation of the coverage, permitting certified professors to retire on their full wage, a provision hindered previously by budgetary constraints.
Oloworaran additionally famous that going ahead, all accrued pension rights might be integrated into the federal payroll course of through month-to-month personnel price normal warrants, making certain extra well timed and computerized disbursements.
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