The Federal Government is seeking approximately N758 billion to offset pensioners’ arrears amid persistent protests by retired workers.
The Minister of State for Finance, Dr Doris Uzoka-Anite, was quoted as saying this in a statement by the Head, Corporate Communications Unit of the Pension Transitional Arrangement Directorate (PTAD), Olugbenga Ajayi.
Speaking at the launch of the revised Service Charter by PTAD in Abuja, Uzoka-Anite revealed that plans are underway by the government to issue N758 billion bond to pay off pension arrears.
The relaunched charter, PTAD said, reaffirms its dedication to transparency, accountability, and excellence in delivering services under the Defined Benefit Pension Scheme (DBS).
Uzoka-Anite commended PTAD for setting new standards in public service delivery.
She emphasised that pensioners deserve an unwavering commitment to their welfare and dignity, noting that the revised Service Charter serves as a vital instrument to strengthen the confidence between pensioners and government institutions.
She further reaffirmed the Ministry’s steadfast commitment to supporting PTAD’s ongoing reforms.
The Minister of State also reaffirmed President Bola Tinubu’s commitment to pension reforms, highlighting his understanding of the difficulties pensions are confronting.
She noted that the government’s reforms offer unique opportunities for workers in both the public and private sectors, providing lifetime insurance that ensures financial security after retirement.
She added that the pension scheme had become a vital part of workers’ financial plans, particularly as it offered a reliable alternative when facing economic challenges.
She said: We have been working with Pencom to ensure that pension funds are not only invested securely but also leveraged to drive economic development.”
Giving a ray of hope to retirees, the minister said, “We want pensioners to know that it is now a thing of the past that they have to cry before they see their money.”
Delivering her opening remarks, the Executive Secretary of PTAD, Tolulope Odunaiya, described the revised service charter as more than a document.
She added: “It is a covenant with our pensioners and stakeholders,” while emphasising that the charter embodies PTAD’s determination to set clear standards, adopt innovation, and deliver services with empathy, timeliness, and professionalism.
The Director-General of PenCom, Ms. Omolola Oloworaran, in her goodwill message, praised PTAD’s collaborative spirit within Nigeria’s pension ecosystem.
She highlighted the role of service standards in strengthening transparency and efficiency, while noting that PTAD’s efforts complement PenCom’s mandate to safeguard pension assets and ensure the long-term sustainability of the pension system.
The National President of the Nigeria Union of Pensioners, Godwin Abumisi bemoaned the plights of pensioners.
He commended President Tinubu for acknowledging the pains of pensioners in the country and taking concrete steps to address them.
He stated, “I thank the president of Nigeria for his empathy for the pensioners of Nigeria. We are seeing all that is needed to ensure that pensioners of Nigeria raise their heads above the water, and I want to make a promise that come 2027, we will direct all pensioners to vote for him.”
With the revised Service Charter, stakeholders were given a deeper insight into PTAD’s evolving service standards and the innovative measures that PTAD has implemented to enrich the DBS pensioners’ service experience.
