Nigerian retirees keep wondering if PenCom will actually deliver on clearing pension debts before the calendar flips. Director-General Omolola Oloworaran promised that a 758 billion naira bond approved by the federal government would wipe out legacy liabilities under the Contributory Pension Scheme by year-end, covering arrears dating back to 2007, accrued rights for treasury-funded workers, shortfalls for university professors, and gratuity payments.
The bond breakdown allocates 253 billion toward outstanding entitlements, 388 billion for unpaid pension increases, 11 billion for professor shortfalls, and 107 billion into a protection fund for lower-income retirees. Monthly pensions got boosted mid-year under Pension Boost 1.0, and PenCom says waiting times hit zero as of July.
Retirees remain skeptical because there's still no proof everyone got paid despite official assurances. Oloworaran admitted government approvals slow things down, but maintains everything will wrap up soon, though many pensioners are still empty-handed as December rolls in.
The bond breakdown allocates 253 billion toward outstanding entitlements, 388 billion for unpaid pension increases, 11 billion for professor shortfalls, and 107 billion into a protection fund for lower-income retirees. Monthly pensions got boosted mid-year under Pension Boost 1.0, and PenCom says waiting times hit zero as of July.
Retirees remain skeptical because there's still no proof everyone got paid despite official assurances. Oloworaran admitted government approvals slow things down, but maintains everything will wrap up soon, though many pensioners are still empty-handed as December rolls in.
