PenCom Director-General Omolola Oloworaran says the intervention targets outstanding pension liabilities, as the Federal Government plans healthcare support and minimum pension protection for retirees.
ABUJA — President Bola Ahmed Tinubu has approved nearly ₦1 trillion to address outstanding pension liabilities accumulated over almost two decades, according to the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran.
Oloworaran disclosed this on Wednesday in Abuja during the maiden National Pension Week, organised under the theme, “Pension for All: Building a Secure Future Together.”
Speaking to retirees, senior citizens and other stakeholders, the PenCom chief said the Federal Government had prioritised the welfare and dignity of pensioners through efforts to address outstanding obligations and improve retirement benefits.
She explained that the administration had also introduced two major pension increases under Pension Boost 1.0, alongside a ₦32,000 consequential adjustment across the board, which she described as the highest consequential adjustment at the federal level.
According to her, the measures form part of broader efforts to improve retirement security and address longstanding challenges affecting pensioners.
Oloworaran also announced plans to introduce two additional welfare initiatives in November: the PennCare Health Initiative for low-income retirees and the Minimum Pension Guarantee.
She said the PennCare initiative would provide health insurance coverage for eligible retirees, noting that a pilot programme involving 30,000 retirees was already underway.
The planned initiatives are intended to strengthen social protection for pensioners, particularly those whose monthly retirement benefits are insufficient to meet their basic needs.
The PenCom director-general expressed concern over the low pension payments received by some retirees, noting that certain pensioners earned as little as ₦20,000 monthly.
She described the situation as unacceptable, stressing that retirement benefits should provide meaningful support for people who spent decades serving the country.
Oloworaran further emphasised that retirement security should extend beyond the payment of pension benefits to include access to healthcare and protection against financial hardship in old age.
She maintained that Nigerians who devoted 30 to 35 years to public service should not be left to shoulder medical expenses without adequate support.
The announcement highlights the Federal Government’s ongoing efforts to address pension liabilities and improve the welfare of retirees under Nigeria’s pension system.
The proposed healthcare initiative and minimum pension guarantee are expected to complement existing measures aimed at strengthening retirement protection, although the implementation details and eligibility requirements will be important in determining their impact on pensioners.
For retirees who have faced prolonged delays in receiving their entitlements, the clearance of outstanding liabilities would represent a significant development if the announced intervention is fully implemented.
