By Egena Sunday Ode
The National Pension Commission (PenCom) has said President Bola Tinubu’s N758 billion pension bond has settled nearly two decades of pension liabilities, calling it a landmark intervention that restored confidence in Nigeria’s pension system and reaffirmed government’s duty to workers and retirees.
Director-General of PenCom, Ms. Omolola Oloworaran, made this known on Tuesday at a State House press briefing in Abuja to mark her second year in office. She used the forum to present what she described as “two years of historic pension transformation” under the Tinubu administration.
She opened with the case of a retired factory worker whose monthly pension jumped from N18,000 to N206,000 after a 21-year wait for review.
“He did not win a lottery. He was not given anything he had not already earned. What changed was simple: his country decided to keep its promise,” Oloworaran said.
Reflecting on her appointment two years ago by President Tinubu, the PenCom DG said the administration’s reforms proved that leadership is judged by the lives it touches.
Weeks ago, she had written that “a compelling case was emerging” that Tinubu could rank among Nigeria’s most pro-worker and pro-retiree presidents.
“Today, standing before you with twenty-four months of evidence, I can say: that case is no longer emerging. It is on the record,” she stated.
According to her, history is shaped by patterns, not single acts. She listed five major interventions in the last two years: the N758 billion pension bond, Pension Boost 1.0, the first NSITF pension review in 21 years, a new End-of-Service Benefits Scheme for treasury-funded MDAs, the planned Minimum Pension Guarantee and the PenCare healthcare initiative.
“Each of these decisions is significant on its own. Taken together, they reveal an administration that understands a simple truth: the dignity of work must be matched by dignity in retirement,” she said.
Oloworaran described the bond as one of the most consequential pension interventions in Nigeria’s history. It cleared pension obligations dating back to 2007, ending almost 18 years of outstanding liabilities.
The breakdown: N387.5 billion for pension increases, N253 billion for accrued rights, N107 billion for the Pension Protection Fund and N10 billion for university professors’ retirement benefits. A total of 957,045 Nigerians benefited.
“It settled obligations dating back to 2007. It reached 957,045 Nigerians. And it achieved something no balance sheet can capture: trust. It restored the belief that government keeps its word,” she said.
She noted that the bond reversed a 21-month backlog in accrued pension rights inherited by the administration to a 41-month surplus.
“That is not an incremental improvement. That is a complete reversal,” she added.
Under the new End-of-Service Benefits Scheme, retiring staff of treasury-funded MDAs will receive 100% of their annual emoluments.
“Retirement should be marked with gratitude rather than anxiety after decades of public service,” Oloworaran said.
On assets, she said total pension funds grew from N20.79 trillion in July 2024 to N31.48 trillion as of July 10, 2026 — a 51% increase representing over N10.7 trillion in new retirement wealth.
Coverage also expanded with 938,229 new contributors. Pension Boost 1.0 raised aggregate monthly payouts by 22%, from N12.2 billion to N14.9 billion. Eligible pensioners who retired on or before July 29, 2024 received a N32,000 monthly consequential adjustment in line with the new minimum wage.
The NSITF review, first in 21 years, saw one retiree’s pension rise from N18,000 to N206,000 with arrears fully paid.
PenCom also cut benefit approval timelines to 48 hours for PFAs, tightened industry compliance and recovered over N36 billion in unremitted contributions in two years.
Oloworaran said the Minimum Pension Guarantee and PenCare, which will provide free healthcare for vulnerable retirees, will roll out within three months.
To deepen coverage, PenCom will launch the Personal Pension Plan for informal sector workers — market women, artisans, transport workers and farmers — and establish Accredited Pension Agents nationwide to create jobs and expand distribution.
New investment frameworks are also being developed to deploy long-term pension funds into roads, ports, power, healthcare, education and agriculture while protecting contributors’ savings.
She said all of this falls under “Pension Revolution 2.0”, focused on jobs, inclusion, infrastructure and retirement security.
In her closing remarks, Oloworaran said pension reform had moved beyond routine payments.
“It has become an instrument of justice. An instrument of dignity. An instrument of economic opportunity. An instrument of national development. And above all, an instrument of renewed hope.
“We are restoring dignity to those who built our nation, creating opportunity for those building it today, and securing the future for those who will build it tomorrow,” she said.
