Tinubu Approves N758bn Bond: Retired Federal Workers to Get Extra N32,000 Monthly

Retired federal workers under the Contributory Pension Scheme (CPS) will soon begin to receive an additional ₦32,000 monthly pension increase, following President Bola Ahmed Tinubu’s approval of a ₦758 billion bond to clear all outstanding pension liabilities.

The intervention is designed to ensure that pensioners also benefit from the National Minimum Wage Amendment Act 2024 and consequential adjustments. According to officials of the National Pension Commission (PenCom), the payment will serve as a baseline guarantee, ensuring that retirees in health, education, security, and the Armed Forces earn no less than ₦32,000 monthly, regardless of their accumulated savings.

PenCom’s Director-General, Omolola Oloworaran, disclosed that:

• ₦253bn will clear accrued rights of workers employed before the CPS commenced in 2004.

• ₦387.5bn will cover pension increases dating back to 2007.

• ₦107bn will be allocated to the Pension Protection Fund to support low-income retirees.

“This intervention clears nearly two decades of arrears and restores confidence in the CPS,” Oloworaran noted. She added that Pension Fund Administrators (PFAs) will promptly credit retirees’ accounts once the bond is issued.

The National Salaries, Incomes and Wages Commission (NSIWC) had earlier announced the increment, confirming that all CPS retirees will receive an additional ₦32,000 per month as a financial safety net against poverty.