Group sees FG’s N758bn bond strengthen Nigeria’s pension scheme

A pension advocacy group has praised the Federal Government’s planned issuance of a N758 billion bond to close funding gap in Nigeria’s pension industry.

The group, Contributory Pension and Happy Retirement Advocacy (COPEHRA) said this is a significant step toward fortifying the country’s contributory pension scheme (CPS).

The bond, which aims to address key funding gaps and enhance the sustainability of pension scheme is expected to provide long-term stability for retirees with low savings.

President Tinubu’s approval of the N758 billion bond, ratified during the Federal Executive Council (FEC) meeting on February 4, 2025, aims to settle pension arrears that have accumulated over the past 16 years.

The funds will be used to pay accrued rights owed to retirees under the Contributory Pension Scheme (CPS), covering outstanding pension increases since 2007 and addressing the shortfall in university professors’ monthly pensions. This marks a significant step toward restoring trust and efficiency in the nation’s pension system.

COPEHRA, in a statement issued by, Sani Ibrahim Mustapha, its senior technical advisor hailed the decision, saying, “We hereby convey our congratulations to the Director-General of the National PenCom, and the federal government of Nigeria for giving a boost to the CPS, its pensioners, and retirees.”

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The approval is also the first time the federal government has committed funds to the Pension Protection Fund, a statutory provision meant to support low-income earners under the CPS. This move signals the government’s commitment to ensuring pensioners receive their entitlements without delay.

Mustapha reiterated COPEHRA’s belief that a well-funded CPS is the foundation of a secure retirement system, stating, “By taking this historic action of approving a N758 billion bond to settle long-standing pension liabilities, the current federal government has shown compassion and resolve to help Nigeria’s pensioners and new retirees.”

COPEHRA, established in 2014, has long been an advocate for sustainable, fraud-free pensions. The organization collaborates with pension associations, market unions, pension operators, private sector bodies, and the media to promote awareness about the benefits of the CPS and ensure timely payment of pensions.