PenCom commends govt approval of N758bn to settle pension liabilities

The Director General of the National Pension Commission (PenCom) has commended the Federal Government for approving over ₦758 billion to settle outstanding pension liabilities.

The PenCom boss, Ms Omolola Oloworaran disclosed this in Lagos while delivering her keynote address at the Pension Revolution Summit: A 365 days scorecard and media conference.

She said: “One of the most historic milestones of the year was the Presidential  approval and disbursement of ₦758 billion to settle outstanding  pension liabilities. This unprecedented intervention sent a clear and powerful signal that Nigeria honours its promises to its workers and retirees.

We also cleared long-standing pension increase backlogs for Federal  Government treasury-funded retirees, some dating as far back as  2007. What many believed would never be paid has now been paid.

OkIn addition, zero waiting time for the payment of accrued pension rights was restored with effect from July 2025. Today, retirees receive their benefits when due, not months or years later”, she stated.

According to her, “the theme of the conference, A 365-Day Scorecard, is not simply a reflection on time passed. It is a statement of intent. It speaks to accountability. It speaks to delivery. Above all, it speaks to the future of retirement security in Nigeria.

I begin by expressing my profound gratitude to His Excellency, President Bola Ahmed Tinubu, GCFR, for the confidence and

responsibility entrusted to me to serve Nigeria’s pensioners and active contributors. About one year ago, I was confirmed as Director General of the National Pension Commission with a clear mandate: to rebuild trust, expand coverage, strengthen governance, and move the Contributory Pension Scheme firmly into its next phase.

I am proud to say that this past year has been defined by bold decisions, structural reforms, and measurable impact.

We formally launched Pension Revolution 2.0, the most comprehensive reform agenda in the Nigerian pension industry since 2004. This was not cosmetic reform. It was structural. It brought together new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment, all designed to future-proof the pension system and position it as a pillar of national stability  and long-term development”, she said.