A pension and retirement advocacy group, Contributory Pension and Happy Retirement Advocacy (COPEHRA), has commended President Bola Tinubu, Director-General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, and other key government personnel for approving a N758 billion bond to clear outstanding pension liabilities.

COPEHRA described the move as a “historic intervention” that will bring relief to retirees who have faced prolonged delays in receiving their benefits.

COPEHRA also explained that Tinubu’s approval of the bond, ratified during the Federal Executive Council (FEC) meeting on February 4, aims to settle pension arrears that have accumulated over the past 16 years.

From the funds, accrued rights owed to retirees under the Contributory Pension Scheme (CPS) would be paid. This covers outstanding pension increases since 2007 and the shortfall in professors’ monthly pensions.

Experts said the bond marks a significant step toward restoring trust and efficiency in the nation’s pension system.

COPEHRA, in a statement by its Senior Technical Advisor, Sani Ibrahim Mustapha, hailed the decision.

“We hereby convey our congratulations to the Director-General of PenCom, Ms. Omolola Oloworaran, her management staff, and the Federal Government, headed by President Bola Tinubu, for giving a boost to the Contributory Pension Scheme, its pensioners, and retirees, Mustapha said.

This is the first time that the Federal Government has committed funds to the Pension Protection Fund to support low-income earners under the CPS. This move signals the government’s commitment to ensuring pensioners receive their entitlements without delay,” the body added.

Mustapha noted that COPEHRA is an advocate for sustainable, fraud-free pensions. The organisation collaborates with pension associations, market unions, pension operators, private sector bodies, and the media to promote awareness about the benefits of the CPS and ensure timely payment of pensions. He reiterated COPEHRA’s belief that a well-funded CPS is the foundation of a secure retirement system. “By taking this historic action of approving a N758 billion bond to settle long-standing pension liabilities, the Federal Government has shown compassion and resolve to help Nigeria’s pensioners and new retirees. The Federal Government has directed the Debt Management Office (DMO) to raise the funds to settle these arrears. The disbursement is expected to commence soon, providing much-needed financial relief to retirees who have endured years of uncertainty.

“COPEHRA also urged critics of the CPS to reconsider their stance, because we believe that the government’s intervention demonstrates the effectiveness of the scheme in ensuring retirees’ financial security. With this historic approval, we call on all those agitating against the CPS to sheathe their swords and await the smiles and good news from existing pensioners and new retirees. “This move by the Tinubu administration sets a precedent for future pension management, reinforcing the government’s commitment to pensioners’ welfare. The development is expected to boost public confidence in the pension system and encourage more workers to embrace the CPS for a more secure retirement. As beneficiaries await the implementation of this decision, stakeholders remain optimistic that this is the beginning of a new era for pension administration in Nigeria.” COPEHRA added.

Meanwhile, Ms. Oloworaran has expressed appreciation for the president’s action, noting that it would “not only relieve the financial burdens on pensioners but also strengthen confidence in the pension system”.

She emphasised that ensuring retirees receive their due benefits is a key pillar of PenCom’s mandate.