Pensioners enrolled in Nigeria’s Contributory Pension Scheme have called on the National Assembly to approve the full implementation of the ₦758 billion Treasury bond announced earlier this year.

The bond, approved by President Bola Tinubu in February 2025 during a Federal Executive Council meeting, is aimed at settling long-standing pension arrears owed to federal retirees under the CPS.

The initiative is designed to resolve long-standing pension obligations, with some arrears dating back more than 16 years.

Speaking on Tuesday, the National Chairman of the Nigeria Union of Pensioners’ Contributory Pension Scheme Sector, Mr. Sylva Nwaiwu, urged lawmakers to prioritize the bond’s implementation without further delay.

“The leadership of this union believes that the bond approval is a necessary fiscal decision to settle outstanding government liabilities to CPS retirees. It is also a demonstration of humanity, fiscal responsibility, and moral obligation by the president, which should be commended and supported by the Senate,” he said.

Nwaiwu lamented that many retirees passed away after rejoicing over the bond’s approval, yet never received the promised payments due to implementation delays.

He cautioned that further inaction could result in more deaths among elderly pensioners, as stress and health complications continue to take a toll.

“It has become imperative for us to draw the attention of the Federal Government to this and appeal for an early implementation of the bond for the payments of CPS retirees. This is to avoid further fatalities in this sector arising from high blood pressure as a result of long expectations of entitlements,” stated.

He noted that if the implementation is successfully carried out, the union intends to organize a nationwide event to acknowledge and celebrate the president’s intervention.

“When that is done, we shall organise a mega solidarity party to celebrate the president’s administration, which will be held across the country,” he added.

The Director General of the National Pension Commission, Ms. Omolola Oloworaran, in February, offered further details on the breakdown of the ₦758 billion bond.

She explained that ₦253 billion was allocated to settle accrued pension rights of retired federal employees from Treasury-funded Ministries, Departments, and Agencies, aiming to close gaps caused by past funding shortfalls.

An additional ₦388 billion was set aside to cover unpaid pension increases dating back to 2007, which had remained unresolved for nearly two decades.