Federal Government don clear all the pension money wey dem owe people since 2007 with N758bn intervention bond.
The payment go bring relief to 957,045 pension beneficiaries across Nigeria wey don dey wait for their money for many years.
Director-General of National Pension Commission, Omolola Oloworaran, announce the development during the 2026 PenCom Media Conference for Lagos on Tuesday.
Oloworaran talk say the Federal Government don settle all the pension money wey previous governments leave behind, including some debts wey date back to 2007.
She tok say the payment show say government no forget people wey don serve the country after dem don retire.
She explain say workers spend their active years serving the country, so government suppose make sure say dem no suffer when dem retire.
The pension commission also reveal say government don already put the pension rights of federal workers wey go retire up till December 2029 inside their Retirement Savings Accounts.
PenCom say dem achieve this after one major exercise to check and register the affected workers.
To stop another pension backlog from piling up, the commission don introduce Zero Waiting Time Policy.
Under the new arrangement, pension payments go follow the monthly salary payment system, so workers no go spend long time waiting for their money after retirement.
PenCom also say the time wey dem dey take process pension benefits don reduce from as long as 21 months to just 48 hours.
The commission further reveal say pension payments for some retirees of the former Nigeria Social Insurance Trust Fund, NSITF, don increase sharply.
According to PenCom, the 21-year review increase the average payment by 1,173 per cent for 2,116 NSITF retirees, while government also settle N8.7bn wey dem owe as arrears.
Another programme called Pension Boost 1.0 also increase the total monthly payment under the Contributory Pension Scheme from N12.15bn to N14.83bn.
The increase don directly affect more than 241,000 retirees across the country.
Oloworaran say the way government treats workers after dem retire na one of the major ways to know whether government truly value their service.
PenCom also announce plans for more welfare support for retirees. One of them na PenCare, a free healthcare programme wey go first cover 30,000 low-income retirees.
The commission also plan to introduce a minimum pension guarantee and expand the Micro Pension Plan to reach traders, artisans and other people wey dey work for informal sector across the country.
