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Federal pensioners to earn additional N32,000 monthly as Tinubu approves N758b bond to clear arrears
All retired federal employees under the Contributory Pension Scheme (CPS) are soon to start receiving a N32,000 monthly pension increase.
The money will be paid to each of them from a N758 billion bond approved by President Bola Ahmed Tinubu for clearing all outstanding pension liabilities.
President Tinubu okayed the bond to ensure that the retirees also benefited from the National Minimum Wage Amendment Act 2024 and Consequential Adjustments.
The N32,000 is the baseline every retiree in the education and health sectors, as well as security and the Armed Forces on the CPS will earn monthly, irrespective of his or her accumulated savings.
President Tinubu had on August 6, directed the “prompt implementation of long-overdue pension increases and a minimum pension guarantee, which would provide a safety net for the most vulnerable pensioners under the CPS.”
An official of the National Pension Commission (PenCom) confirmed said with the National Assembly’s recent concurrence with the President’s directive, the bond proceeds will soon be available to settle the retirees.”
“The pension increase for CPS retirees and the minimum pension guarantee means setting a baseline amount that every retiree under the Contributory Pension Scheme would receive, no matter how small their accumulated savings are.
‘’This acts as a financial safety net to protect the poorest and most vulnerable retirees from falling into poverty.”
PenCom’s Director-General, Omolola Oloworaran, had earlier explained how the N758 billion bond for pension payments would be allocated across three critical categories.
She said: “N253 billion of the bonds will be dedicated to clearing accrued rights. These are entitlements due to federal workers employed before the CPS commenced in 2004, and those who had about three years to retirement at the time.
‘’This intervention clears the backlog of accrued rights payments and will put an end to the delays in pension disbursements that have caused frustration in recent months.”
On longstanding arrears, Oloworaran explained that, “N387.5 billion will be committed to pension increases dating back to 2007. That is almost two decades of increments left unpaid. This administration has decided to take the matter seriously and settle all outstanding pension increases from 2007 till date.”
She added that N107 billion has been earmarked for the Pension Protection Fund, which is designed to support low-income retirees.
She said: “This fund is meant to augment pensions for low-income earners to enable them to earn a living wage.
“We are working with relevant agencies to conclude the bond issuance quickly. Once that is done, Pension Fund Administrators (PFAs) will credit retirees’ savings accounts, and retirees will be able to claim their entitlements without delay. PFAs have committed to prompt payments once funds are available, while PenCom will provide oversight to ensure beneficiaries are paid immediately.”
According to Oloworaran, the intervention is central to restoring trust in the CPS.
“Confidence in the CPS has waned in recent years due to unresolved liabilities. This payment initiative allows us to rebuild trust and demonstrates that the government is committed to protecting the welfare of ordinary Nigerians,” she said.
The National Salaries, Incomes and Wages Commission (NSIWC) had last year announced the pension adjustment, confirming that retirees would receive an additional N32,000 per month following the passage of the new minimum wage law.
The Supreme Court of Nigeria will on Thursday, deliver judgments in two cases involving the leadership crises rocking the African Democratic Congress and the Peoples Democratic Party.
According to information on the official website of the court, the matters, listed under “Political Appeals”, have been added to the cause list for Thursday, April 30, 2026.
While judgment in the ADC matter, marked SC/CV/180/2026, has been fixed for 2 pm, there is no time yet for that if the PDP.
President Bola Tinubu has written the Senate, seeking the screening and subsequent confirmation of fifteen nominees to the National Human Rights Commission (NHRC).
The letter was read by the President of the Senate, Senator Godswill Akpabio.
The letter seeks the reconstitution of the commission’s board in line with statutory provisions with the list comprising nominees from diverse professional backgrounds, including the media and legal sectors.
Among the nominees are the President, Nigeria Guild of Editors and Editor, Vanguard Newspapers, Mr. Eze Anaba; and Dr. Salamatu Hussaina Suleiman, who has been proposed as chairman of the board.
The Executive Secretary of the Commission, Dr. Anthony Ojukwu (SAN) is to retain his position as the Chief Executive Officer.
Other nominees include Mrs Roseline Tasha, Ambassador Adam Yubak Baku, ACG Felix Lawrence, Mr. Edmund Chinonye, Mr. Chinonye Obiaku (SAN), Oluwakemi Asiwaju Okere-Odo, Professor Adedeji Ogunji, Kingsley Chidozie, Mohammed Adelodu, Maupe Ogun Yusuf, and Otunba Francis Meshioye as members.
Also nominated are Patience Patrick and Hawwa Ibrahim, listed as members.
The President said the nominations were made pursuant to Section 2(3) of the National Human Rights Commission (Establishment) Act, 2010, which empowers him to constitute the board subject to Senate confirmation.
He explained that the reconstitution of the board was necessary to enhance the commission’s institutional capacity and enable it to more effectively discharge its mandate to promote and protect human rights across the country.
If confirmed, the new board is expected to play a critical role in reinforcing the NHRC’s oversight functions, particularly at a time of heightened concerns over rights protection and accountability in Nigeria.
Following the presentation of the request, the Senate referred the nominations to its Committee on Judiciary, Human Rights and Legal Matters for screening and report within two weeks.
The Economic and Financial Crimes Commission, EFCC, has revealed that it investigated the founder of Streams of Joy International, Pastor Jerry Eze, for six months over suspected money laundering before clearing him.
Ola Olukoyede, chairman of the Commission, disclosed this on Wednesday while speaking at the Jerry Eze Foundation Business Grant Award Ceremony in Abuja.
According to him, the probe was triggered by intelligence reports and petitions after the commission observed large inflows of foreign currencies into the cleric’s domiciliary account.
“We work by intelligence, we work by petitions. At some point, I saw there was an account, a domiciliary account. Dollars, pounds were dropping in like raindrops, from Colombia, from America, from Sri Lanka, even from Togo.
“I said who is this man? Yes, I’ve been hearing about his name, I’ve seen his face a couple of times. I never bothered about what he was doing. I knew he was a pastor.
“So they said this one pastor of streams of joy, go and investigate him. So we went to the investigation. We combed the books,” Olukoyede stated.
The EFCC boss said he subsequently invited Eze for questioning after preliminary findings were compiled by investigators.
He added that upon meeting the cleric and reviewing the findings of the investigation, the commission found no wrongdoing.
“So he came to my office. He told me what happens and all of that, and how the money came, what he does, how he has been helping people, and all of that.
“I said, you know what, I didn’t call you here to explain to me. We have already done our work. I called you here to commend you,” he stated.
The remark drew applause from the audience, as Eze, who was present at the event, acknowledged the commendation.
He noted that the commission has a responsibility not only to investigate financial crimes but also to recognise individuals found to have acted with integrity.
The EFCC chairman, however, stated that the agency would continue to monitor financial activities where necessary, stressing that its preventive mandate remains critical in tackling corruption.
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