Tinubu Approves Nearly ₦1 Trillion to Clear 20-Year Pension Backlog, Says PenCom

President Bola Ahmed Tinubu has approved nearly ₦1 trillion to clear outstanding pension liabilities accumulated over almost 20 years, according to the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran.

Oloworaran disclosed this on Wednesday in Abuja during the maiden National Pension Week, themed “Pension for All: Building a Secure Future Together.”

Speaking to retirees, senior citizens and other stakeholders at the event, she said the administration had prioritised the welfare and dignity of retirees.

She also announced that the government had introduced two major pension increases under Pension Boost 1.0, alongside a ₦32,000 consequential adjustment across the board.

According to Oloworaran, the adjustment represents the highest consequential increase at the federal level.

The PenCom director-general further announced plans to launch two welfare initiatives in November: the PennCare Health Initiative for low-income retirees and the Minimum Pension Guarantee.

She explained that PennCare would provide health insurance coverage for retirees. A pilot programme involving 30,000 retirees is already underway.

Oloworaran highlighted the difficulties faced by pensioners receiving low monthly payments, noting that some retirees had been earning as little as ₦20,000.

“Some people were earning ₦20,000 as pension. That is a grave anomaly that should never happen,” she said.

She stressed that retirement security should go beyond the payment of pension benefits, adding that Nigerians who had served the country for 30 to 35 years should not be left to bear medical expenses alone.

The planned initiatives are part of PenCom’s efforts to improve retirement welfare, particularly for low-income pensioners.