The Federal Government has announced that retired federal workers under the Contributory Pension Scheme will soon begin to receive an additional thirty-two thousand naira monthly.
Reports disclosed that the increment will be funded from a seven hundred and fifty-eight billion naira bond approved by President Bola Tinubu to clear outstanding pension liabilities to ensure that retirees benefit from the new minimum wage law and consequential adjustments.
According to the National Pension Commission, the bond will be shared across three key areas including accrued rights of federal workers employed before the scheme began in 2004, unpaid pension increases dating back to 2007, and a pension protection fund for low-income retirees.
PenCom stated that once the bond is issued, Pension Fund Administrators will credit retirees’ accounts immediately, while it provides oversight to ensure prompt payments.
The Commission’s Director-General, Omolola Oloworaran, described the intervention as a step to rebuild confidence in the scheme and guarantee a safety net for vulnerable pensioners.