The National Pension Commission (PenCom) has praised the Federal Government for its approval of a substantial N758 billion pension bond, calling it a pivotal move to clear accumulated pension arrears.
Bond Already Cashed, Beneficiaries Receiving Funds
Speaking at the Pension Revolution Summit held in Lagos, the Director-General of PenCom, Omolola Oloworaran, provided a significant update. She confirmed that the bond, which received federal approval in February, has already been converted to cash. Over N600 billion from this total has been disbursed to the rightful pension beneficiaries, providing much-needed financial relief.
Pension Assets Hit N27 Trillion Amid Major Reforms
Oloworaran also disclosed that the total value of pension assets under management has surged to approximately N27 trillion. This remarkable growth is largely attributed to the ongoing reforms being implemented under the Pension Revolution 2.0 agenda. She described this programme as the most comprehensive overhaul of the pension system since its inception in 2004.
Key Pillars of Pension Revolution 2.0
The current reform agenda is built on several critical improvements designed to modernise the sector:
- Enhanced Governance: Strengthening the regulatory and oversight framework for better accountability.
- Process Automation: Digitising pension operations to increase efficiency and reduce delays.
- Expanded Coverage: Broadening the net to include more Nigerians in the formal pension scheme.
The successful cashing of the N758 billion bond and the consistent growth in pension assets signal a strengthening financial backbone for Nigeria's retirement system, offering greater security for retirees.
