The National Pension Commission (PenCom) has announced that the federal government’s outstanding pension liabilities under the Contributory Pension Scheme (CPS) will soon be settled. Acting Director-General Mrs. Omolola Bridget Oloworaran made this known during the second annual conference of the Pension Correspondents Association of Nigeria (PENCAN) held in Abuja on Thursday.
Represented by Mr. Ibrahim Buwai, Head of Corporate Communications, Oloworaran confirmed that PenCom has accurately calculated the federal government’s pension liabilities backlog and is taking swift measures to resolve the issue.
“Very soon, this issue will be put behind us,” Buwai stated, emphasizing the government’s commitment to addressing the long-standing arrears. In addition to clearing the current liabilities, PenCom is also developing a mechanism to prevent future delays in the payment of accrued pension rights.
Oloworaran further highlighted the rigorous licensing process required for Pension Fund Administrators (PFAs) to ensure that only qualified companies manage pension funds. She also noted the regulatory oversight provided by PenCom, which has helped streamline the previously unregulated pension industry. “The Commission is currently digitizing its operations for optimal growth,” she added.
At the event, Mr. Ogwuche Agudah, CEO of the Pension Funds Operators Association of Nigeria (PenOp), shed light on the CPS’s achievements. He revealed that N1.12 trillion has been disbursed to 357,310 retirees over the past 15 years through programmed withdrawals and annuities. Additionally, N247.47 billion has been paid to 483,464 Nigerians who withdrew 25% of their Retirement Savings Accounts (RSAs) after job losses, while N451.2 billion has been disbursed as death benefits to 104,259 beneficiaries.
