The Nigeria Union of Pensioners, Contributory Pension Scheme Sector (NUPCPS) has commended the National Assembly for the approval of N758 billion government treasury bonds and urged fast implementation.
National Chairman of the union, Mr Sylva Nwaiwu, gave the commendation in a statement in Abuja yesterday.
He said that the bond was to settle government pension liabilities to retirees under the Contributory Pension Scheme (CPS), which has spanned over twenty years (2004 – 2025).
Nwaiwu said that the legislative function of the senate had been cleared.
“The Federal Ministry of Finance, the Debt Management Office (DMO) and the Office of the Accountant General of the Federation (OAGF) are concerned with the floating of the bonds and the release of funds.
“We urge them to kindly swing into immediate action to ensure early payment to CPS retirees.
“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,” he said.
Nwaiwu said that the commendable step taken by both the executive and the legislature to wipe away tears of years of agony from the eyes of suffering CPS retirees, signified a renewed hope for Nigerian retirees.
He said it was a further testimony to the renewed hope agenda and compassionate leadership style of the Federal Government towards all Nigerian citizens.
President Bola Tinubu gave the approval of the N758 billion treasury bond through the Federal Executive Council in February.
The bond would resolve all accumulated pension liabilities covering: N253 billion accrued pension rights to settle outstanding entitlements for retirees of the Federal Government Treasury-funded MDAs.
It would address delays caused by previous funding shortfalls and enable accrued pension rights to be included in the monthly personnel cost general warrant, ensuring automatic and timely payments.
The Federal Government will be contributing N107 billion to the Pension Protection Fund (PPF), to ensure that pensioners, particularly low-income earners receive a living wage in retirement.
It will also implement the provision allowing eligible university professors to retire on their full salary, while addressing the funding gaps that previously hindered its execution.