The National Pension Commission has disclosed that the Federal Government has fully funded the accrued pension rights of enrolled federal workers up to December 2029, clearing a previous 21-month funding backlog.
The Director-General of PenCom, Omolola Oloworaran, revealed this on Wednesday during her keynote address at the 2026 Pension Correspondents Association of Nigeria Conference in Abuja.
Oloworaran, who was represented by PenCom’s Head of Corporate Communications, Ibrahim Buwai, said the government had moved from a 21-month backlog in accrued pension payments to a 41-month funding surplus.
“We are moving from a position where we had, where our full pension rights were 21 months in arrears, to where we are today, 41 months in surplus. And 41 months in surplus means that Federal Government employees who have not yet retired and who have enrolled have had their accrued pension rights paid up to December 2029,” she said.
The development means that the accrued pension entitlements of the affected federal workers have been funded ahead of their retirement.
Oloworaran also said delays in pension payments had largely been eliminated, adding that retirement benefits were now processed within 48 hours.
“The issue of delays of payment of pension has now become history, and now pensions are being paid within a maximum of 48 hours from retirement,” she said.
The PenCom chief also highlighted the launch of the PenCare health insurance programme and the introduction of a N52,500 minimum pension guarantee by President Bola Tinubu on Tuesday.
She explained that the PenCare programme would help reduce retirees’ healthcare expenses, enabling them to spend a larger portion of their monthly pensions on other essential needs.
According to her, the initiative is being funded by pension fund operators and PenCom, with its operations overseen by an independent board of trustees chaired by the commission’s pioneer Director-General, Muhammad Ahmad.
On the minimum pension guarantee, Oloworaran said eligible retirees currently receiving less than N52,500 would have their monthly pensions increased to the guaranteed amount. She added that some beneficiaries had already received payment alerts during Tuesday’s launch.
