The Nigeria Union of Pensioners, Contributory Pension Scheme Sector (NUPCPS) has praised the National Assembly for approving N758 billion in government treasury bonds and called for urgent execution to settle decades-old pension arrears.
National Chairman of the union, Mr Sylva Nwaiwu, issued the commendation in a statement on Thursday in Abuja. He said the bonds are intended to clear federal pension liabilities owed to retirees under the Contributory Pension Scheme (CPS), which have accumulated since the scheme’s inception in 2004.
Nwaiwu confirmed that the legislative process in the Senate has been concluded, leaving implementation in the hands of the Federal Ministry of Finance, the Debt Management Office (DMO), and the Office of the Accountant General of the Federation (OAGF).
“We appeal to these agencies to act promptly to ensure early payment to CPS retirees. We also call on the National Pension Commission (PenCom) to strengthen its oversight and follow-up responsibilities to fast-track the processing and implementation of the approved N758 billion bonds,” he said.
The NUPCPS chairman described the measure as a decisive step by both the executive and legislature to end years of hardship for CPS pensioners, marking what he called a renewed hope for Nigerian retirees.
He noted that the approval reflects the Federal Government’s commitment to compassionate leadership and social responsibility, in line with its broader agenda to improve citizens’ welfare.
President Bola Tinubu had endorsed the issuance of the N758 billion treasury bonds through the Federal Executive Council in February.
The funds will clear accumulated pension liabilities, including N253 billion in accrued pension rights for retirees of Treasury-funded ministries, departments, and agencies (MDAs). They will also close gaps created by previous funding shortages, ensuring accrued rights are incorporated into monthly personnel cost warrants for automatic, timely disbursements.
In addition, the Federal Government will contribute N107 billion to the Pension Protection Fund (PPF) to guarantee that pensioners, especially low-income earners, receive a sustainable income in retirement.
The package further provides for the implementation of full-salary retirement for eligible university professors, addressing previous funding obstacles that delayed its execution.