Retirees To Get Full Payment Of Gratuities By December

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The National Pension Commission (PenCom) has assured Nigerian retirees that all outstanding pension arrears and gratuities will be fully cleared by December 2025, once the Federal Government’s ₦758 billion bond matures and is converted to cash.

The assurance was given by PenCom Director-General, Ms. Omolola Oloworaran, during a two-day sensitisation workshop jointly organised by the Commission and the National Salaries, Incomes and Wages Commission in Owerri.

Oloworaran, represented by Samuel Uwandu, the National Commissioner in charge of the Inspectorate Department, said the bond redemption process was already underway.

“Thanks to President Bola Tinubu, who has given PenCom a bond of ₦758 billion,” she said.
“We are working towards cashing it, and we hope to do so before the end of the year. The bond will be converted into cash, all the gratuities will be paid in full by December, and everyone owed arrears will be fully settled.”

President Tinubu’s Commitment to Retiree Welfare

The PenCom chief noted that the initiative reflects President Tinubu’s commitment to improving the welfare of pensioners and ensuring prompt payment of retirement benefits.

She also disclosed that discussions were ongoing between the Commission and the Federal Government to raise retirees’ benefits to 100 percent of their final emoluments.

“What this means is that whatever a pensioner earned as salary upon retirement would be what they continue to receive in full, or at least 75 percent of it,” Oloworaran explained.
“Although PenCom serves as an intermediary, we have already contacted the President, and we believe this adjustment can be effected through the National Assembly.”

Pension Union, Retirees React

In his remarks, the National Secretary of the Nigeria Union of Pensioners (Contributory Pension Scheme Sector), Bisan Olufemi, commended the Federal Government and the Wages Commission for taking concrete steps to clear accumulated arrears.

Olufemi noted that accrued pension payments had already been settled up to October and praised PenCom’s renewed pledge to ensure retirees begin receiving their benefits in the same month they retire.

“This is a positive step toward restoring confidence in the pension system,” he said.
“We hope this new approach will be sustained to eliminate delays and hardship for future retirees.”

One of the participants, Mr. Chris Duru, expressed appreciation for the sensitisation exercise and called for it to be held annually so more pensioners could benefit from direct engagement and policy updates.

Workshop Highlights

Over 100 retirees from across the five South-East states attended the two-day programme, which focused on pension reforms, arrears settlement, and guidance on benefit processing.

Officials from the National Salaries, Incomes and Wages Commission used the platform to clarify common concerns around pension calculations, eligibility, and the ongoing harmonisation of benefits.

PenCom reaffirmed that the goal is to strengthen transparency, accountability, and efficiency in pension management — ensuring every retiree receives what is rightfully due, on time.