The Federal Government has funded the accrued pension rights of enrolled federal workers up to December 2029, reversing a previous 21-month funding backlog.

The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, disclosed this on Wednesday 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 owing accrued pension rights for 21 months to maintaining 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.

She added that delays in pension payments had largely been eliminated, with retirement benefits 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.

Oloworaran also highlighted the PenCare health insurance programme and the N52,500 minimum pension guarantee launched by President Bola Tinubu on Tuesday.

She explained that PenCare would reduce retirees’ medical expenses, allowing them to devote more of their monthly pensions to other needs. According to her, the initiative is funded by pension operators and PenCom, with an independent board of trustees chaired by the commission’s pioneer Director-General, Muhammad Ahmad.

On the minimum pension guarantee, she said eligible retirees receiving less than N52,500 would have their pensions increased, adding that some beneficiaries received payment alerts during Tuesday’s launch.

She further disclosed that the Federal Government had approved additional exit benefits equivalent to 100 per cent of terminal emoluments for eligible retirees, effective January 1, 2026. (Channels)