Federal Government has approved a bond in the amount of N758 billion to settle all outstanding pension liabilities under the Contributory Pension Scheme (CPS)
Within the next three months, the Federal Government has committed to paying up all of the pension arrears.
This was announced by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who said that the Federal Government has approved a bond in the amount of N758 billion to settle all outstanding pension liabilities under the Contributory Pension Scheme (CPS).
This was done in order to successfully achieve this mission. It is anticipated that the bond will be issued within the next three months or sooner, which will enable retirees to receive their accrued benefits.
Omolola Oloworaran, Director General of the National Pension Commission (PenCom), spoke to reporters yesterday in Abuja at the conclusion of the quarterly PenCom/operators consultation session.
Omolola said, “By my estimation, I’m hoping that within now and the next three months, we will have issued the bond and funds will be released. But I expect it to happen sooner than later.
“With this approval, and the expected bond issuance that should happen very soon, all approved rights and payments, as well as all backlogs will now be made to the respective pension fund administrators (PFAs), and they will be able to pay to all retirees up to date, actually. The bonds will be issued, and funds will be released.”