The Nigeria Union of Pensioners (Contributory Pension Scheme Sector) has called on the National Assembly to approve the ₦758 billion Treasury bond meant to clear pension arrears owed to retirees under the Contributory Pension Scheme (CPS) for over two decades.
At the union’s national conference in Abuja on Tuesday, the National Chairman, Mr. Sylva Nwaiwu, praised President Bola Tinubu for securing Federal Executive Council approval for the bond in February. He urged lawmakers to follow through by passing the necessary legislation to allow its release.
According to Nwaiwu, the bond represents more than a financial obligation—it is a long-overdue act of justice for thousands of retirees. He described the president’s move as a show of fiscal responsibility and compassion. Still, he warned that many pensioners excited about the bond’s approval have since passed away without receiving a dime.
He stressed the urgent need to avoid further loss of life, attributing some deaths to stress and high blood pressure caused by delayed entitlements. He promised a nationwide celebration once payments begin, saying it would reflect retirees’ appreciation for the administration’s action.
Secretary to the Government of the Federation, Mr. George Akume, echoed the union’s concerns through a representative, Mr. Nadungu Gagare. Akume reaffirmed the administration’s commitment to senior citizens, insisting that pensioners should be honored, not pitied. He said efforts were ongoing to reform the pension system and improve disbursement efficiency.
He acknowledged that while progress has been made, the government recognizes more work lies ahead. According to him, the President is focused on sustainable reforms that ensure fairness and transparency for all pensioners.
The Debt Management Office (DMO) also confirmed its readiness to issue the bond once legislative approval is granted. Speaking through Mr. Abubakar Kulo, a director at the DMO, the agency’s head, Ms. Patience Oniha, assured retirees that preparations were complete and the bond would be activated immediately after the green light from the National Assembly.
Stakeholders hope that with lawmakers’ support, the prolonged wait for pension payments may finally end.
