The National Pension Commission (PenCom) says delays in the payment of pensions to retirees of treasury-funded Ministries, Departments and Agencies (MDAs) have now been completely eliminated.
Mr. Ibrahim Buwai, Head of Corporate Communications at PenCom, said the commission has achieved full promptness in the remittance of accrued pension rights through sustained reforms and an upgraded payment system.
He said PenCom has, since July, consistently paid accrued pension rights as and when due, ensuring that retirees receive their benefits within the same month of retirement.
“As at today, payments for November retirees have been completed,” he said. “The accrued rights of those retiring in December will be paid before the 15th, as earlier announced, so they can receive their entitlements ahead of the festive season.”
Buwai explained that the recent release of N758 billion bond proceeds by the Federal Government to clear outstanding pension liabilities— including arrears of pension increases dating back to 2007—has helped stabilise the payment system.
He said the developments reflect PenCom’s commitment to ensuring that no retiree under the Contributory Pension Scheme (CPS) suffers hardship due to delayed benefits.
“With these measures in place, delays in pension payments for treasury-funded MDA retirees will no longer be an issue,” he said, noting that PenCom remains dedicated to strengthening the system and safeguarding retirees’ welfare nationwide.
Buwai added that the commission is also addressing cases of non-remittance of employee pension contributions by defaulting employers.
He recalled that the Director-General of PenCom, Ms. Omolola Oloworaran, recently signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover unremitted pension funds and enforce compliance.
According to him, the MoU empowers the ICPC to ensure that recovered funds are promptly transferred into workers’ Retirement Savings Accounts and to hold non-compliant employers accountable under the law.
“Defaulters will be penalised accordingly,” he said.
