The Contributory Pension and Happy Retirement Advocacy (COPEHRA), has commended President Bola Ahmed Tinubu, and the National Pension Commission (PenCom), among other key government personnel for approving a N758 billion bond to clear outstanding pension liabilities.
A non-governmental organisation (NGO), COPEHRA, described the move as a ‘historic intervention’ that will bring relief to retirees who have faced prolonged delays in receiving their benefits.
President Tinubu’s approval of the N758 billion bond, ratified during the Federal Executive Council (FEC) meeting on February 4, 2025, aims to settle pension arrears that have accumulated over the past 16 years.
The funds will be used to pay accrued rights owed to retirees under the Contributory Pension Scheme (CPS), covering outstanding pension increases since 2007 and addressing the shortfall in university professors’ monthly pensions. This marks a significant step toward restoring trust and efficiency in the nation’s pension system.
Reacting on this development, Senior Technical advisor, COPEHRA, Sani Ibrahim Mustapha, hailed the decision, saying, “We hereby convey our congratulations to the director general of PenCom, Omolola Oloworaran, her management staff, and the federal government of Nigeria, headed by President Bola Ahmed Tinubu, for giving a boost to the Contributory Pension Scheme, its pensioners, and retirees.”
The approval is also the first time the federal government has committed funds to the Pension Protection Fund, a statutory provision meant to support low-income earners under the CPS as this move signals the government’s commitment to ensuring pensioners receive their entitlements without delay.
The PenCom’s director-general, Omolola Oloworaran, had earlier expressed appreciation for the president’s action, noting that, ‘it will not only relieve the financial burdens on pensioners but also strengthen confidence in the pension system.’ She emphasised that ensuring retirees receive their due benefits is a key pillar of PenCom’s mandate.
COPEHRA, established in 2014, has long been an advocate for sustainable, fraud-free pensions. The organization collaborates with pension associations, market unions, pension operators, private sector bodies, and the media to promote awareness about the benefits of the CPS and ensure timely payment of pensions.
Mustapha reiterated COPEHRA ’s belief that a well-funded CPS is the foundation of a secure retirement system, stating, “By taking this historic action of approving a N758 billion bond to settle long-standing pension liabilities, the current federal government has shown compassion and resolve to help Nigeria’s pensioners and new retirees.”
The federal government has directed the Debt Management Office (DMO) to raise the necessary funds to settle these pension arrears. The disbursement process is expected to commence soon, providing much-needed financial relief to retirees who have endured years of uncertainty.
