FEATURED
FG Clears Pension Backlog, Pays Federal Workers’ Benefits Up to 2029
The Federal Government has cleared its 21-month backlog of accrued pension rights for enrolled federal workers, with funding now extended to December 2029.
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, disclosed this on Wednesday at the 2026 Pension Correspondents Association of Nigeria Conference in Abuja.
Oloworaran, represented by PenCom’s Head of Corporate Communications, Ibrahim Buwai, said the government had moved from a 21-month funding deficit to a 41-month surplus.
She explained that the development meant accrued pension rights for enrolled federal employees yet to retire had been fully funded up to December 2029.
“We are moving from a position where our full pension rights were 21 months in arrears to where we are today, 41 months in surplus,” she said.
Oloworaran also said delays in the payment of retirement benefits had been largely eliminated, adding that pension payments were now processed within 48 hours of retirement.
She attributed the improvement to ongoing reforms in pension administration.
The PenCom boss also highlighted the launch of the PenCare health insurance programme and the N52,500 minimum pension guarantee by President Bola Tinubu on Tuesday.
According to her, PenCare would reduce retirees’ healthcare expenses and enable them to spend more of their monthly pensions on other needs.
She said the programme was funded by pension operators and PenCom, with an independent board of trustees chaired by the commission’s pioneer Director-General, Muhammad Ahmad.
On the minimum pension guarantee, Oloworaran explained that eligible retirees receiving below N52,500 would have their monthly pensions increased to the new minimum threshold.
She added that some beneficiaries had already received payment alerts during the programme’s launch.
Oloworaran further disclosed that the Federal Government had approved additional exit benefits equivalent to 100 per cent of terminal emoluments for eligible retirees, effective January 1, 2026.
She said retirees who completed the necessary documentation had started receiving the payments.
Meanwhile, the Executive Secretary of the Pension Transitional Arrangement Directorate, Tolulope Odunaiya, said the agency had introduced remote verification to make life-status checks easier for pensioners under the Defined Benefits Scheme.
Odunaiya, represented by the Head of Corporate Communications, Olugbenga Ajayi, said pensioners could now complete verification exercises from anywhere in the world.
She also disclosed that registration had commenced for the agency’s proposed health insurance programme ahead of its formal launch.
Similarly, the Chief Executive Officer of the Pension Fund Operators Association of Nigeria, Anthonia Ifeanyi-Okoro, called for responsible investment of pension assets in infrastructure, housing, energy and other productive sectors.
She said properly managed pension funds could support economic growth while safeguarding contributors’ retirement savings.
The Chief Executive Officer of Awabah, Tunji Andrews, also announced that enrolment requirements for the Personal Pension Plan had been reduced from 25 fields to four.
He said the simplified process would encourage more Nigerians in the informal sector to participate in pension savings.
Andrews added that Awabah had introduced pension registration and contribution services through Point of Sale terminals in partnership with Moniepoint and Interswitch.
He also announced the launch of Pension Oga, an initiative designed to deploy agents to markets and communities to register informal workers, collect contributions and educate them on retirement savings.
However, the National President of the Nigeria Union of Pensioners, Godwin Abumisi, called on the Federal Government to extend the newly approved exit benefits to retirees who left service between 2004 and December 2025.
Abumisi, represented by Ahmad Ibrahim-Gazali, also disclosed that N12.3bn had been released for the exit-benefit programme.
FG Clears Pension Backlog, Pays Federal Workers’ Benefits Up to 2029
Oando Rolls Out More Electric Buses In Lagos After 788,000 Passengers
NERC Approves N30bn Fund to Provide Free Electricity Meters, Sets May 2027 Deadline
Omo-Agege Denies Ordering Dafinone To Vote Against Akpabio
Any President Would Have Removed Fuel Subsidy — Okowa Defends Tinubu
Tinubu Unveils 2027 Manifesto, Promises 78,000 Security Personnel, 10,000MW Power
Truck Driver Flees as Mazda Bus Crash Kills Passenger, Injures 3 on Lagos-Ibadan Expressway
Delta Police Arrest 54-Year-Old Woman for Faking Kidnap to Extort N15m From Brother
Tinubu Launches N52,500 Minimum Monthly Pension for 173,209 Retirees
N210trn NNPC Probe: Kyari Says Figures Were Accounting Entries, Not Missing Funds
Delta Police Arrest Five Over Viral Machete Killing In Issele-Azagba
Tinubu to Nigerians: Judge Me by Performance, Not Promises
Police Probe Babcock Student’s Attempt to Jump From Hostel Building
Oborevwori Approves N10bn For 92 Delta Schools, 4,500 Desks — Full List Not Yet Released
Uzodimma: Nobody Can Take My Imo West Senate Ticket
