Tinubu okays N758B bond to clear pension backlogs
President Bola Tinubu has authorized N758 billion in bond issuances to settle outstanding pension obligations dating to 2007, according to National Pension Commission Director-General Omolola Oloworaran, who addressed a contributory pension scheme workshop for federal employers and desk officers in Abuja. The funds will eliminate arrears for salary increases owed to retired civil servants while strengthening credibility in the national retirement system that currently covers more than 10 million participants and holds assets exceeding N25 trillion.
Oloworaran stated through representative Usman Musa that over 844,000 retirees across public and private sectors receive regular payments following reforms, including Pension Boost 1.0, which raised monthly disbursements for 241,000 beneficiaries from N12.157 billion to N14.837 billion starting in June 2025. The commission has introduced immediate payment processing since July 2025 and developed a framework to restore gratuity benefits for federal workers, with plans to launch free health insurance for lower-income pensioners later this year alongside five new regulations covering investment guidelines and whistle-blower protections.
