By Uche Okere.
The National Pension Commission (PenCom) says the ₦758 billion bond approved by the Federal Government to clear outstanding pension liabilities under the Contributory Pension Scheme (CPS) will mature by the end of October 2025.
The Federal Commissioner, Inspectorate Department of the Commission, Sam Uwandu, disclosed this in Imo State while speaking with The South East PUNCH correspondent on Monday.
Uwandu commended President Bola Tinubu for approving the bond, describing it as a major step toward resolving long-standing pension challenges faced by retired federal workers.
He said the President’s approval showed a genuine commitment to ensuring that pensioners receive their entitlements promptly and without stress after years of service to the nation.
“Hopefully, by the end of the month, the money will mature and payments will begin. We will start with the arrears, and soon retirees will start receiving their money,” he said.
The commissioner added that this was the first time the Federal Government was contributing funds under a statutory provision designed to enhance the pensions of low-income earners.
Uwandu also praised PenCom’s Director-General, Omolola Oloworaran, for her meticulous approach to implementing the initiative, noting that many pensioners had already expressed optimism after being briefed on progress.
“The DG is not leaving out any detail to ensure we meet the target. From our interactions with pensioners, many are already happy about the development,” he said.
He acknowledged that while some retirees preferred a one-off payment, they had been reminded that the CPS was structured for monthly disbursements to help cushion living costs after retirement.
“We’ve explained to them that what they signed up for during their working years was to receive monthly pensions for sustainability. The good thing is that they understand and are now looking forward to full monthly payments,” he explained.
Uwandu urged pensioners to remain patient, assuring them that disbursements would commence before the end of the year.
Edited by Dada Ahmed.
