The National Pension Commission (PenCom) has commended the Federal Government’s approval of a N758 billion pension bond, describing it as a major step toward settling long-standing pension arrears.

Speaking at the Pension Revolution Summit in Lagos, PenCom Director-General, Omolola Oloworaran, said the bond, approved in February, has already been cashed, with over N600 billion released to beneficiaries.

She disclosed that pension assets under management have grown to about N27 trillion, driven by reforms under the Pension Revolution 2.0 agenda.

Oloworaran said the programme represents the most far-reaching reform since 2004, introducing stronger governance, automation of pension processes, and expanded coverage.