FG clears 17-year pension backlog with N758bn intervention bond — PenCom

The Federal Government has cleared inherited pension liabilities dating back to 2007 through a N758 billion intervention bond, according to the National Pension Commission.

PenCom Director-General Omolola Oloworaran announced the development during the 2026 PenCom Media Conference in Lagos on Tuesday.

She said the intervention provided pension-related relief to 957,045 beneficiaries and settled liabilities inherited across several administrations.

According to Oloworaran, some of the outstanding obligations dated as far back as 2007.

She described the settlement as part of wider efforts to improve pension administration and prevent future backlogs.

Pension rights for workers retiring through 2029 credited

PenCom also said accrued pension rights for eligible federal workers scheduled to retire up to December 2029 had already been credited to their Retirement Savings Accounts following a verification and enrolment exercise.

The commission said a new Zero Waiting Time Policy had also been introduced to align retirement-benefit payments with public-service salary cycles.

According to PenCom, benefit-processing turnaround times that previously took as long as 21 months have been reduced to as little as 48 hours.

NSITF retirees receive arrears

Oloworaran also announced measures involving retirees under the former Nigeria Social Insurance Trust Fund pension arrangement.

A review reportedly resulted in an average payment increase of 1,173 per cent for 2,116 affected retirees, alongside the settlement of N8.7bn in arrears.

PenCom regulations recognise accrued retirement benefits from schemes that existed before the current pension framework, including arrangements covering former NSITF contributors.

The commission also said its Pension Boost 1.0 initiative increased monthly Contributory Pension Scheme payouts from N12.15bn to N14.83bn, benefiting more than 241,000 retirees.