President Bola Ahmed Tinubu has formally requested the approval of the National Assembly for a ₦758 billion domestic bond aimed at settling outstanding accrued pension rights of federal government retirees under the Contributory Pension Scheme (CPS).
The request, submitted in a letter to the leadership of the Senate and House of Representatives, is part of the administration’s broader effort to address pension arrears that have accumulated over several years.
According to the President, the bond issuance is intended to clear backlogs owed to thousands of federal retirees, many of whom have waited years for their entitlements.
“This bond will help fulfil our commitment to Nigeria’s retired workforce, whose years of dedicated service must be honoured,” the letter reportedly stated.
If approved, the bond will be disbursed through the National Pension Commission (PenCom) and managed in accordance with existing guidelines under the CPS framework.
Lagos State Clears ₦70bn Pension Arrears
While the federal government moves to secure legislative backing for its pension intervention, the Lagos State Government has taken a significant step in settling its own pension obligations.
The state recently announced that it has disbursed ₦70 billion in accrued pension rights to 20,956 retirees from the mainstream civil service, local governments, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM), and other parastatals.
Commissioner for Establishments and Training, Mrs. Afolashade Olayinka, confirmed the development, noting that the payments were in line with Governor Babajide Sanwo-Olu’s commitment to the welfare of retirees.
“The governor understands the importance of timely pension payments. This ₦70 billion disbursement reflects our dedication to ensuring that retirees receive what is due to them without undue delay,” she said.
Human Stories Behind the Numbers
For many retirees, the recent payments are more than just a financial transaction — they are a lifeline.
“I retired in 2017 and have been living with uncertainty ever since,” said Grace Uche, a former headmistress who received her payment from Lagos State. “Now, I can finally live with dignity. I feel seen again.”
Labour unions and pensioners’ associations have applauded both the federal and Lagos State governments for taking concrete action on pension payments. However, they caution that timely implementation remains critical.
“This initiative from President Tinubu is commendable, but we urge the National Assembly to act quickly,” said Comrade Musa Ibrahim, Chairman of the Nigeria Union of Pensioners (NUP). “Delays have cost lives in the past.”
What’s Next
The National Assembly is expected to review the President’s bond request in the coming weeks. If approved, it could pave the way for one of the largest single interventions in Nigeria’s pension system.
Analysts say the move could signal a turning point in the government’s commitment to pension reforms and improve public trust in the administration’s social safety mechanisms.
As stakeholders continue to track developments at the federal level, Lagos’s progress may serve as a blueprint for other states looking to reduce pension liabilities and restore confidence among their retirees.
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