Tinubu Okays N1trn to Clear Two-Decade Pension Backlog – PenCom DG

The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has said President Bola Ahmed Tinubu approved nearly N1 trillion to clear outstanding pension liabilities accumulated over almost 20 years.

She disclosed this on Wednesday in Abuja at the maiden National Pension Week, themed “Pension for All: Building a Secure Future Together.”

Speaking to retirees, senior citizens and other stakeholders, Oloworaran said the present administration had prioritised the dignity and welfare of retirees.

She said the administration had also introduced two major pension increases under Pension Boost 1.0 and a N32,000 consequential adjustment across board.

She described the adjustment as the highest consequential increase at the federal level.

The PenCom boss added that the commission would launch two welfare initiatives in November: the PenCare Health Initiative for low-income retirees and the Minimum Pension Guarantee.

According to her, PenCare will provide health insurance coverage for retirees, while a pilot programme involving 30,000 retirees is already ongoing.

“Some people were earning N20,000 as pension. That is a grave anomaly that should never happen,” she said.

Oloworaran stressed that retirement security should go beyond payment of pension benefits, adding that Nigerians who served the country for 30 to 35 years should not be left to bear medical expenses alone.

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