Owerri: The National Pension Commission (PenCom) has announced its plan to settle all outstanding pension arrears and gratuities owed to retirees, contingent upon the maturation of a N758 billion bond by the Federal Government before the end of December this year. This was disclosed by Ms. Omolola Oloworaran, the Director-General of PenCom, during a two-day workshop held in Owerri, organized by the commission in collaboration with the National Salaries, Income and Wages Commission. Representing the director-general was Mr. Samuael Uwandu, the National Commissioner Inspectorate of the Commission.
According to News Agency of Nigeria, Oloworaran highlighted longstanding issues related to the gratuities and pension amounts provided to retirees, using Police retirees as an example of those receiving inadequate and inconsistent pensions compared to their contributions. She expressed gratitude to President Bola Tinubu for facilitating the N758 billion bond, emphasizing that the bond’s conversion into cash will enable full payment of all gratuities and arrears by December. The commission also intends to address the arrears owed since the pension increase in 2007.
Oloworaran further stated that PenCom is in discussions with the government to increase arrears from 75 percent to 100 percent of retirees’ final emolument, aligning pension payments more closely with their last drawn salaries. While PenCom acts as an intermediary, she noted the necessity of legislative action, which could be expedited if initiated by the Executive branch.
Comrade Bisan Olufemi, National Secretary of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), expressed gratitude towards the National Salaries Income and Wages Commission for releasing funds to clear 18 months of accrued pension payments, and acknowledged the Federal Government’s efforts to settle pension arrears up to October, with plans underway to cover November.
Additionally, Olufemi praised PenCom’s commitment to ensuring retirees receive their retirement benefits promptly upon retirement. Mr. Chris Duru, a retiree who attended the workshop, expressed his appreciation for the event and encouraged its annual recurrence to benefit more retirees.
The sensitization workshop catered to retirees from the five states of the South-East geo-political zone, attracting participation from over 107 retirees.