FG SETTLES ALL PENSION DEBTS PASSED DOWN FAR BACK AS 2007 WITH N758Bn BOND
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HOTJIST NEWS
The Federal Government has settled all pension debts that were passed down from as far back as 2007 through a special financial tool called the “N758bn intervention bond.” This has given long–needed financial help to 957,045 people who were waiting for their pensions across the country.
This important news was shared by Ms Omolola Oloworaran, the Director General of the National Pension Commission, during her speech titled “From Reform to Reality: Renewed Hope, Pension Security for All Nigerians” at the 2026 PenCom Media Conference in Lagos on Tuesday.
Speaking to reporters, business leaders, and media professionals, Oloworaran explained that this payment represents the end of many years of delayed pensions that were carried over through several government leaders.
She said, “The Federal Government has cleared all inherited pension debts, some of which date back to 2007. These responsibilities were passed through many different administrations, but this government chose to pay them.That is true leadership—settling a debt, not just making a promise.”
”Every nation makes a promise to the people who build it—those who serve faithfully and diligently. When your working years are done, your country should not forget you. For too long, that promise was kept slowly, partially, or not at all. Today, I can report that this has changed—not in aspiration, but in actual fact.
The landmark liquidation of legacy federal pension debts represents one element of a broader suite of institutional reforms implemented under President Bola Tinubu.
Alongside clearing the backlog, PenCom revealed that accrued pension rights for federal employees scheduled to retire up to December 2029 have already been credited directly to their Retirement Savings Accounts ahead of time following a comprehensive one-time verification and enrolment drive.
To prevent future backlogs from accumulating, the commission introduced a Zero Waiting Time Policy designed to align retirement payouts directly with monthly public service salary cycles, ensuring workers transition seamlessly into retirement without financial gaps. Benefit processing turnaround times have simultaneously been reduced from up to 21 months down to 48 hours.
The conference also highlighted significant financial boosts across existing pension schemes, most notably a directive invoking statutory provisions to review payments for retirees of the defunct Nigeria Social Insurance Trust Fund. The 21-year review delivered an average payout increase of 1,173 per cent for 2,116 NSITF retirees, alongside the settlement of N8.7bn in full arrears.
Additionally, the execution of Pension Boost 1.0 elevated monthly disbursements across the Contributory Pension Scheme from N12.15bn to ₦14.83bn, directly increasing monthly payouts for more than 241,000 retirees nationwide.
Reinforcing the government’s stance on worker welfare, Oloworaran observed that the true measure of how a government values its workforce lies not only in how it treats its employees while in service, but in how faithfully it fulfils its pension obligations after retirement.
The commission also unveiled upcoming welfare initiatives, including the PenCare free healthcare support program set to pilot with 30,000 low-income retirees, the activation of a statutory Minimum Pension Guarantee baseline, and an expansion of the Micro Pension Plan to cover informal sector traders and artisans through a nationwide agent network.
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