By NIyi Jacobs
President Bola Ahmed Tinubu has taken decisive action to resolve long-standing pension liabilities, ensuring that eligible retirees, including professors and other senior public servants, are now receiving their benefits in full.
Contrary to claims suggesting a return to a Defined Benefit pension scheme, officials clarified that the reforms remain within the framework of the Contributory Pension Scheme (CPS). The Pension Reform Act of 2014 already allows professors to retire at age 70 with enhanced pension benefits, including up to 100 percent of their last salary, subject to the funding of the differential. Historically, delays and shortfalls in pension disbursements were attributed to funding and implementation challenges.
Under President Tinubu’s leadership, these challenges have been addressed through improved governance and execution. The administration has cleared long-standing government pension arrears, including differential payments owed to professors, marking the first time in almost two decades that such obligations have been fully met. Eligible beneficiaries have already begun receiving their entitled benefits within the CPS framework, which remains fully operational.
In addition to settling arrears, the federal government has implemented pension increases for all treasury-funded ministries, departments, and agencies (MDAs) and launched a Pension Boost initiative for CPS retirees. These measures ensure that government pension obligations are no longer deferred, reinforcing confidence in the nation’s retirement system and providing retirees with financial certainty.
Analysts say the swift resolution of pension liabilities reflects the administration’s commitment to fiscal responsibility and social welfare, while providing a blueprint for improved management of government obligations in the public sector.
With these actions, President Tinubu has delivered a historic milestone for Nigeria’s pension landscape, ensuring retirees are paid promptly and in full while maintaining the integrity of the contributory pension system.
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