The Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) has commended the national assembly for approving the N758 billion treasury bonds.
In a statement on Thursday, Sylva Nwaiwu, the national chairman of the NUPCPS, asked the National Pension Commission (PenCom) to quickly implement the approved bond.
He said the bond will clear pension arrears from 2004 to 2025 for retirees under the contributory pension scheme (CPS).
The chairman said the federal ministry of finance, the Debt Management Office (DMO), and the office of the accountant-general of the federation (OAGF) are responsible for floating the bonds and releasing the funds.
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“We urge them to kindly swing into immediate action to ensure early payment to CPS retirees,” Nwaiwu said.
“We also appeal to the National Pension Commission (PenCom) to intensify its oversight and follow-up functions towards early processing and implementation of the approved N758 billion government treasury bonds.”
Nwaiwu said the approval by the legislature and the steps taken by the executive represent renewed hope for Nigerian retirees and an end to years of hardship for those under the CPS.
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He said the move reflects the compassionate leadership of the federal government and its commitment to the welfare of all citizens.
On February 4, the federal executive council (FEC) approved the issuance of a N758 billion bond to clear outstanding pension liabilities, offering long-awaited relief to affected retirees.
Wale Edun, the minister of finance, said the funds would be used to pay pensioners who were part of the old system before the 2004 switch to the CPS.
He said the liabilities had built up due to periodic wage reviews, which required top-up payments for retirees under the previous scheme.
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On January 7, some retired military personnel protested at the ministry of finance over unpaid entitlements.
