THE Contributory Pension and Happy Retirement Advocacy (COHPERA), a leading pension and retirement advocacy group, has commended President Bola Ahmed Tinubu, the Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, and other key government personnel for approving a N758 billion bond to clear outstanding pension liabilities.
COHPERA, a Non-Governmental Organisation NGO, described the move as a “historic intervention” that will bring relief to retirees who have faced prolonged delays in receiving their benefits.
President Tinubu’s approval of the N758 billion bond, ratified during the Federal Executive Council (FEC) meeting on February 4, 2025, aims to settle pension arrears that have accumulated over the past 16 years.
The funds will be used to pay accrued rights owed to retirees under the Contributory Pension Scheme (CPS), covering outstanding pension increases since 2007 and addressing the shortfall in university professors’ monthly pensions. This marks a significant step toward restoring trust and efficiency in the nation’s pension system.
COHPERA, in a statement issued by its Senior Technical Advisor, Sani Ibrahim Mustapha, hailed the decision, saying, “We hereby convey our congratulations to the Director-General of PenCom, Ms. Omolola Oloworaran, her management staff, and the federal government of Nigeria, headed by His Excellency President Bola Ahmed Tinubu, for giving a boost to the Contributory Pension Scheme, its pensioners, and retirees.”
The approval is also the first time the federal government has committed funds to the Pension Protection Fund, a statutory provision meant to support low-income earners under the CPS. This move signals the government’s commitment to ensuring pensioners receive their entitlements without delay.
Ms. Omolola Oloworaran, the PenCom Director-General, expressed appreciation for the president’s action, noting that it will “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.
COHPERA, established in 2014, has long been an advocate for sustainable, fraud-free pensions. The organization 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.
Mustapha reiterated COHPERA’s belief that a well-funded CPS is the foundation of a secure retirement system, stating, “By taking this historic action of approving a N758 billion bond to settle long-standing pension liabilities, the current 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 necessary funds to settle these pension arrears. The disbursement process is expected to commence soon, providing much-needed financial relief to retirees who have endured years of uncertainty.
COHPERA also urged critics of the CPS to reconsider their stance, arguing 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 sheath their swords and await the smiles and good news from existing pensioners and new retirees,” the statement read.
“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.
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