PenCom’s Federal Commissioner, Sam Uwandu, says the ₦758bn bond approved by President Tinubu will clear pension arrears and ensure timely payments for retirees.
The National Pension Commission (PenCom) has assured federal workers and retirees that the newly approved ₦758 billion bond by the Federal Government will be used to clear accumulated pension arrears under the Contributory Pension Scheme (CPS).
President Bola Tinubu recently approved the fund to settle long-standing pension liabilities — marking the first time the Federal Government is directly contributing funds to augment pensions, particularly for low-income earners.
Speaking in Imo State on Monday, the Federal Commissioner for Inspectorate at PenCom, Sam Uwandu, praised President Tinubu for what he described as a landmark step toward restoring the dignity of retirees.
Uwandu expressed confidence that the bond will resolve all outstanding pension issues, noting that the President is determined to ensure retirees receive their benefits promptly and without unnecessary stress.
“Hopefully, by the end of the month, the money will be matured and then payments will begin. First, we will start with the arrears and soon retirees will start receiving their money,” he said.
He also commended PenCom’s Director-General, Ms. Omolola Oloworaran, for her commitment to ensuring transparent and efficient disbursement.
“I commend President Bola Tinubu for the approval of the ₦758 billion bond to offset all arrears, and that retirees receive a living pension wage. The DG, Ms. Omolola Oloworaran, is not leaving out any details to ensure we achieve the target. Pensioners are happy about it from our interactions with them,” he added.
Addressing concerns from retirees who preferred a one-off payment, Uwandu clarified that the monthly pension structure remains the most sustainable option to help cushion post-retirement costs.
“Although some pensioners said they prefer a one-off payment, we have explained to them that what they signed up for was a monthly pension plan to ensure steady income after retirement. The good thing is that they understand and are now looking forward to receiving 100 percent payments monthly,” he said.
Uwandu appealed to pensioners to remain patient, assuring that disbursement will commence before the end of the year.
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