PenCom November pensions have finally reached retirees in full, ending months of uncertainty for workers in Nigeria’s treasury-funded Ministries, Departments, and Agencies (MDAs).
For many, delayed entitlements once caused constant worry; however, the latest announcement marks a clear turning point in the country’s pension system.
PenCom November Pensions Reach Retirees
Head of Corporate Communications at the National Pension Commission (PenCom), Mr Ibrahim Buwai, confirmed to the newsmen in Abuja that the Commission has paid all November retirees.
He explained that ongoing reforms and strengthened remittance processes now guarantee timely and consistent pension disbursements.
“November retiree payments are complete,” Buwai said.
“Furthermore, those retiring in December will receive their accrued benefits before the 15th, just in time for the festive season.”
Government Bond Release Clears Arrears
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He added that the Federal Government recently released ₦758 billion in bond proceeds, which allowed PenCom to clear long-standing pension arrears dating back to 2007.
This milestone demonstrates the Commission’s commitment to ensuring no retiree under the Contributory Pension Scheme (CPS) suffers hardship.
Cracking Down On Defaulting Employers
In addition, the Commission is tackling employers who fail to remit workers’ contributions.
Director-General Ms Omolola Oloworaran recently signed a MoU with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), empowering the ICPC to recover un-remitted funds and hold defaulters accountable under the law.
Currently, more than 552,000 retirees receive regular monthly pensions, and total pension assets have surpassed ₦25 trillion.
During a two-day workshop in Yola, Ms Oloworaran highlighted these achievements, reinforcing PenCom’s dedication to protecting retirees and strengthening Nigeria’s pension system.
