Retirees to Get ₦32,000 Monthly Boost as Tinubu Approves ₦758bn Bond

President Bola Ahmed Tinubu has approved a ₦758 billion bond to settle outstanding pension liabilities, benefiting retired federal workers under the Contributory Pension Scheme (CPS). The move aims to ensure pensioners benefit from the National Minimum Wage Amendment Act 2024 and consequential adjustments.

According to the National Pension Commission (PenCom), the bond will provide a monthly pension increase of ₦32,000 to retirees in health, education, security, and the Armed Forces, guaranteeing a minimum monthly pension of ₦32,000 regardless of their accumulated savings.

The bond allocation includes:

• ₦253 billion to clear accrued rights of workers employed before the CPS commenced in 2004
  
• ₦387.5 billion to cover pension increases dating back to 2007
  
• ₦107 billion for the Pension Protection Fund to support low-income retirees
  

PenCom's Director-General, Omolola Oloworaran, stated that the intervention clears nearly two decades of arrears and restores confidence in the CPS. Pension Fund Administrators (PFAs) will credit retirees' accounts promptly once the bond is issued.

The National Salaries, Incomes and Wages Commission (NSIWC) had earlier announced the increment, confirming that all CPS retirees will receive an additional ₦32,000 per month as a financial safety net against poverty.