The Federal Government has funded the accrued pension rights of enrolled federal workers who have yet to retire through December 2029, the National Pension Commission (PenCom) has said, reversing a previous 21-month funding backlog.

PenCom Director-General Omolola Oloworaran disclosed this on Wednesday at the 2026 Pension Correspondents Association of Nigeria Conference in Abuja, saying the government has moved from a 21-month arrears position to a 41-month funding surplus.

Ms Oloworaran, represented by PenCom’s head of corporate communications, Ibrahim Buwai, said the development means accrued pension rights for enrolled federal employees have been funded ahead of their retirement.

“We are moving from a position 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.

Ms Oloworaran also said delays in the payment of retirement benefits have largely been eliminated, with benefits now processed within 48 hours of retirement.

“The issue of delays in the payment of pensions has now become history, and now pensions are being paid within a maximum of 48 hours from retirement,” she said.

The 48-hour processing timeline applies to retirement benefits under the arrangements described by PenCom. It should not be interpreted as a guarantee that every pension-related payment or outstanding liability across the country is settled within that period.

The PenCom boss also highlighted the launch of the PenCare healthcare programme and the N52,500 minimum pension guarantee by President Bola Tinubu on Tuesday.

PREMIUM TIMES had earlier reported the inauguration of the two initiatives, which are intended to provide additional protection for retirees, particularly those with low pension income and limited resources to meet medical expenses.

According to Ms Oloworaran, PenCare would help reduce pensioners’ healthcare expenses, allowing them to spend more of their monthly income on other needs.

She said pension operators and PenCom fund the programme, 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 below N52,500 monthly will have their pensions increased to the threshold, adding that some beneficiaries received payment alerts during Tuesday’s launch.

The President of the Pension Correspondents Association of Nigeria, Nana Musa, urged journalists to strengthen accountability and public understanding of pension reforms through accurate reporting.

Ms Musa said pension reporting should help Nigerians understand the reforms and their implications for contributors and retirees.

Ms Oloworaran further disclosed that the Federal Government has approved additional exit benefits equivalent to 100 per cent of terminal emoluments for eligible retirees, effective 1 January 2026.

“The Federal Government has just approved the payment of 100 per cent of terminal emoluments as additional exit benefits,” she said.

She added that eligible retirees who left service in 2026 and submitted the required documents have received payment.

The development comes amid demands by pensioners for improved retirement benefits and wider coverage of additional payments to those who retired before the new approval.

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FG funds federal workers’ accrued pension rights through 2029 – Official

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Ahead of 2027 Budget: Techiman drivers complain about fuel prices as traders lament slow sales and delays in Women’s Development Bank