For thousands of Nigerian retirees who have waited patiently—and in many cases, painfully—for their pension dues, the recent announcement by the Federal Government came like early morning rain in harmattan: refreshing, but not quite enough to soak the soil.
On Tuesday, the National Pension Commission (PenCom) confirmed that the government had disbursed ₦22 billion to settle accrued pension rights for verified retirees from federal Ministries, Departments, and Agencies (MDAs). This latest payout covers those who officially retired between October 2023 and January 2024 under the Contributory Pension Scheme (CPS).
The money, routed through the Office of the Accountant General and lodged into the Retirement Benefits Bond Redemption Fund at the Central Bank, will also pay the pension entitlements of some deceased civil servants. Their families, still mourning their loved ones, may now find a bit of comfort in the fact that the financial support once due is finally coming through.
With this fresh release, the total amount paid out in 2024 so far has hit ₦66 billion. Back in December, the government released ₦44 billion to cover pension arrears from March to September 2023. While that move was appreciated, it also stirred controversy. Some pension rights groups accused the government of cherry-picking beneficiaries and treating statutory payments like a favour.
As the Centre for Pension Rights Advocacy put it rather bluntly: “Pension is not a national cake you dash out when you like—it’s earned. Let’s stop behaving like we’re doing retirees a favour.”
But that’s Nigeria for you. Retirees who served the country for 30, sometimes 35 years, often end up hustling like fresh graduates, chasing files and signatures just to collect what is rightfully theirs. It’s almost like you have to retire and then start another career in ‘Follow-up and Waiting.’
Still, Tuesday’s news was a sigh of relief for many. PenCom has already issued a directive to Pension Fund Administrators (PFAs), urging them to expedite payments. Retirees are also being advised to ensure all their documentation is complete—because, as usual, one missing signature can delay things indefinitely.
A System That Still Needs Fixing
While the CPS—introduced in 2004—is hailed as a major reform in Nigeria’s pension history, it’s not without its flaws. Payments are frequently delayed, documentation takes forever, and economic realities like inflation and naira depreciation have only made things worse for those living on fixed incomes.
A retiree’s pension that could buy a bag of rice two years ago might not be enough for garri and groundnut today. Add the ever-rising cost of medication and rent, and it becomes clear why this ₦22 billion payout, while welcome, is still just a small patch on a larger problem.
The Way Forward?
PenCom says it’s working with federal authorities to create a more sustainable and timely pension system. They’ve promised that retirees won’t be subjected to “undue hardship” anymore. But Nigerians have heard this tune before. What they want now is action, not another high-level committee or endless stakeholder meetings.
Perhaps it’s time we treated pensioners with the same urgency we treat politicians’ allowances. After all, if you can’t guarantee dignity for the people who built the system, what then is the point of service?
Yes, the ₦22 billion release is a welcome development. It will put food on tables, pay hospital bills, and offer short-term relief. But until Nigeria fixes the broader issues—systemic delays, selective payments, and the lack of proper enforcement—the pension system will continue to feel like a raffle draw where only the lucky get paid on time.
And for the Nigerian retiree, luck should never be part of the equation.
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