Outstanding pension liabilities to be cleared soon – PenCom DG

The National Pension Commission (PenCom) says that the federal government’s outstanding pension liabilities under the Contributory Pension Scheme (CPS) will soon be cleared.

Acting Director-General of PenCom, Mrs. Omolola Bridget Oloworaran stated this during the second annual conference of the Pension Correspondents Association of Nigeria (PENCAN) in Abuja on Thursday.

Represented by the Head of Corporate Communications, Mr. Ibrahim Buwai, Mrs. Oloworaran confirmed that the commission had successfully computed the backlog of pension liabilities owed by the federal government, and efforts are underway to address them promptly.

“Very soon, this issue will be put behind us,” Buwai stated, highlighting the government’s commitment to resolving these long-standing arrears. In addition to clearing the current liabilities, PenCom is working on a mechanism to prevent delays in the accrued pension rights of retirees in the future,” The DG said.

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Providing additional insights into the achievements of the CPS over the years, Mr. Ogwuche Agudah, the Chief Executive Officer of the Pension Funds Operators Association of Nigeria (PenOp), revealed that “N1.12 trillion has been paid out in lump sums to 357,310 retirees over the past 15 years through programmed withdrawals and annuities as the figure reflects the scale of the CPS and its impact on pensioners across the country.