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The National Pension Commission (PenCom) has assured that the federal government’s outstanding pension liabilities under the Contributory Pension Scheme (CPS) will soon be addressed.
The Acting Director-General of PenCom, Mrs. Omolola Bridget Oloworaran, made this known during the second annual conference of the Pension Correspondents Association of Nigeria (PENCAN) held in Abuja on Thursday. She was represented by the Head of Corporate Communications, Mr. Ibrahim Buwai.
Mrs. Oloworaran confirmed that PenCom has successfully computed the backlog of pension liabilities owed by the federal government and that efforts are being made to clear these arrears promptly. “Very soon, this issue will be put behind us,” Mr. Buwai stated, emphasizing the government’s commitment to resolving these long-standing pension obligations. PenCom is also developing mechanisms to prevent future delays in the payment of accrued pension rights for retirees.
Speaking further about the successes of the CPS, Mr. Ogwuche Agudah, Chief Executive Officer of the Pension Funds Operators Association of Nigeria (PenOp), highlighted that over the past 15 years, N1.12 trillion has been disbursed in lump sums to 357,310 retirees through programmed withdrawals and annuities. This figure underscores the impact of the CPS on retirees across the country.
PenCom’s efforts aim to restore confidence in the pension system while ensuring that retirees receive their benefits without unnecessary delays.
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