The Federal Government has reiterated its commitment to improving the welfare of retirees, stating that new pension reforms are already ensuring senior citizens live with greater dignity and less financial strain. The Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, disclosed this on Tuesday in Abuja during a national thanksgiving conference organised by the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS).
Speaking at the event themed “Strengthening Contributory Pension Scheme (CPS) administration for dignity, timelines and trust,” Ms Oloworaran said the government is prioritising the resolution of challenges within the pension system. She explained that the reforms are yielding results, with more retirees now receiving their benefits faster and with fewer delays.
Ms Oloworaran stated that the administration is giving priority to pension reforms, particularly to support retirees who have endured hardship after years of service. According to her, many senior citizens are beginning to see improvements in how pensions are managed and disbursed.
“I do not take the plight of senior citizens lightly,” she said. “When you see people who have served this nation diligently retire into poverty, it is simply not acceptable.”
She explained that since assuming office, PenCom has worked to ensure retirees receive their benefits promptly. She added that the Federal Government has cleared outstanding pension debts, noting that retirees are now paid within weeks, and in some cases, within days, after retirement.
“Since last year, we have been paying retirees almost immediately after retirement,” Ms Oloworaran said. “Pension Fund Administrators are even working towards processing payments within 24 hours.”
The PenCom boss also announced the introduction of Pension Reform 2.0, which she said has enhanced the pension system since the Pension Reform Act of 2004. She explained that the reform aims to ensure retirees enjoy financial security, better income, and access to healthcare support.
Ms Oloworaran further disclosed plans to introduce a minimum pension to assist retirees currently earning between ₦10,000 and ₦30,000 monthly. She said the government is working on a new structure that will guarantee a more reasonable income for senior citizens.
“For those earning between ₦10,000 and ₦30,000 monthly, those days are coming to an end,” she said. “We are working to establish a pension floor that ensures a more livable income.”
She added that experts are currently conducting assessments to determine the appropriate minimum pension, while also improving how pension funds are invested to increase returns for retirees.
“With sustained commitment and reforms, we will continue to make life better for our senior citizens,” Ms Oloworaran said.
Also speaking, the National Chairman of NUPCPS, Mr Sylva Nwaiwu, said the Federal Government has cleared long-standing pension debts after years of neglect. He added that the Federal Executive Council has now ensured regular monthly payments of pension contributions.
According to Mr Nwaiwu, retirees no longer endure endless waits for their benefits, as payments are now made within the same month of retirement. He also confirmed that gratuity has been approved as part of retirement benefits.
However, he appealed to President Bola Tinubu to include retirees who left service before the gratuity approval. He also called for the inclusion of those omitted from the ongoing payment of pension increment arrears from the ₦758bn fund.
“The eligible retirees from organisations classified under first line charge and self-funded organisations were all employed under the CPS from 2004 and below,” he said.
Mr Nwaiwu also pointed out that retirees from the defunct Power Holding Company of Nigeria (PHCN), whose liabilities were taken over by the government, were excluded from the payments. He urged the government to include them immediately.
He further called on the Federal Government to address delays in implementing pension arrears and to ensure fair treatment of retirees and their Pension Fund Administrators.
Despite the concerns, Mr Nwaiwu commended President Tinubu for his interventions, stating they have helped retirees live with more dignity and peace of mind.
