Join our Telegram group and receive breaking and trending news updates directly on your phone.
Join for News Updates âś•
,,,Says FG Clears All Pension Liabilities Owed to CPS .
By Dada Ahmed in Abuja.
The Director General,PENCOM,Ms.Omolade Oloworaran, reading her address at the occasion.
The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has assured Nigerians of the Federal Government’s firm commitment to ensuring that senior citizens retire with dignity and peace of mind.
Comrade Sylva Nwaiwu, National Chairman of NUPCPS also reading his address.
Oloworaran gave the assurance at the National Thanksgiving Conference of the Nigeria Union of Pensioners Contributory Pension Scheme (NUPCPS), held at the auditorium of the National Centre for Women Development in Abuja on Wednesday.
CPS pensioners across the country that attended the event.
She stressed that it is unacceptable for citizens who have served the nation diligently to retire into hardship.
“When you see people who have served this nation diligently retire into penury, it is not acceptable,” she said.
The PenCom boss explained that since assuming office, her primary goal has been to ensure that retirees enjoy financial security and a decent standard of living.
She noted that her management team has been working tirelessly to deliver on President Bola Ahmed Tinubu’s mandate of improving the welfare of pensioners.
Oloworaran disclosed that the commission has launched “Pension Revolution 2.0,” a reform initiative aimed at clearing outstanding pension liabilities and strengthening the system with significant progress already made.
“Since July last year, retirees have been receiving their benefits within days of retirement. In fact, Pension Fund Administrators (PFAs) are now working towards processing payments within 24 hours,” she said.
She added that the initiative will also introduce healthcare support for retirees and ensure that pensioners earn a sustainable income after retirement.
As part of the reforms, Oloworaran revealed that PenCom plans to introduce a Minimum Pension Guarantee this year, which will eliminate extremely low pension payouts.
“Pensioners earning as low as N10,000, N20,000, or N30,000 monthly will soon see an end to such realities. We are working to establish a pension floor that guarantees a minimum standard of living for all retirees,” she added.
In his address welcome , the National Chairman of NUPCPS, Comrade Sylva Nwaiwu, said the occasion was organized in recognition of ongoing transformations in the contributory pension scheme.
Comrade Nwaiwu commended the Federal Executive Council, under the leadership of President Bola Ahmed Tinubu, for approving N758 billion to clear pension liabilities under the Contributory Pension Scheme (CPS), including arrears dating back to 2007.
He also praised the PenCom leadership for introducing impactful reforms, particularly the PENCARE initiative, designed to improve healthcare access for retirees.
However, he urged the Federal Government to extend the newly approved gratuity policy, effective January 1, 2026, to retirees who exited service before that date, in the interest of fairness and equity.
He further called for urgent intervention to address delays in the payment of pension increment arrears and alleged unfair treatment of retirees by some PFAs.
On the exclusion of retirees from the defunct Power Holding Company of Nigeria (PHCN), Nwaiwu described the development as an error and appealed to the Federal Government to intervane to ensure their inclusion and prompt payment.
Our correspondent reports that the conference was attended by pensioners and key stakeholders from across the country while the DG Pencom and NUPCPS’ National Chairman received Excellent leadership award for their contributions towards the success of pension administration in the country.
