Why PBAT approved N758bn to settle 16 years pension liabilities

By allcitynews.ng

When approved the payment of N758 billion to settle 16 years pension liabilities was approved, it was a reconfirmation and fulfillment of Harvey S. Firestone’s word that the growth and development of people is the highest calling of leadership.

In showing his leadership steps, President Bola Ahmed Tinubu (PBAT) has approved a N758 billion bond to settle long standing pension liabilities under the Contributory Pension Scheme (CPS) for federal workers in the country.

The decision was taken during the Federal Executive Council (FEC) meeting on Tuesday February 4, 2025.

The president’s intervention also settles the shortfall in university professors’ pensions ensuring they receive their full salary as pension.

Director General of PenCom, Ms. Omolola Oloworaran, expressed appreciation to President Tinubu for his bold and compassionate leadership in resolving these critical pension issues.

She emphasized that this intervention not only restores retirees dignity but also reinforces trust in the pension system, a key pillar of the CPS mandate.

She commended the President’s visionary approach in ensuring that pensioners receive their entitlements without delay, thereby fulfilling a fundamental promise of the CPS.

She added that the bold step underscores the administration’s resolve to uphold the dignity of every Nigerian retiree and paves the way for a more sustainable and equitable pension system for generations to come.

She said since assuming office,she has worked closely with relevant authorities to resolve these liabilities culminating in the landmark achievement.

She implored all stakeholders to collaborate in expediting the bond issuance, to actualize the President’s vision for pensioners.

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