THE DIRECTOR General of Michael Imoudu National Institute for Labour Studies (MINILS), Comrade Issa Aremu, has described the recently approved N758 billion bond to settle long standing pension liabilities by President Bola Ahmed Tinubu as “a timely welcome act of compassion, statesmanship and good governance” in the country’s pension market.
Speaking on the sideline of 2025 Ramadan Annual Lecture on Nigeria Television Authority (NTA), Ilorin on Saturday, Comrade Aremu said while successive governments “unacceptably accumulated pension arrears”, it was commendable that President Bola Ahmed Tinubu boldly “cleared the slate of pension indebtedness” adding that “the N758 billion is the most impactful measure of the Renewed Hope Agenda in labour market after the 2024 National Minimum Wage Act ”.
Aremu observed that the ‘historic decision’ approved by the Federal Executive Council (FEC), which translated to the highest federal pension bond in history “marked a watershed moment in Nigeria’s pension administration in Nigeria”.
He therefore urged state governments to emulate the federal government in settling the claims of pensioners in the states adding that millions of retired workers “suffered avoidable delayed and low pension incomes”. Aremu said all efforts to fight systemic corruption will not yield the desired result until “Nigeria intentionally secures life after work for the working people”.
“Some of the anxiety for cutting corners, both for senior and junior workers, is caused by the fear of what happens after active work with poor unpaid pensions, one key instrument to therefore fight corruption will be an enhanced, expanded paid pension arrears as the President has commendably done for the Federal workforce”.
MINILS Director General commended PenCom under the leadership of its Director General, Ms. Omolola Oloworaran, who he said has promoted activist cooperate governance by engaging relevant authorities to resolve pension liabilities in ways that has restored the dignity of public retirees and reinforced trust in the 30-year-old Contributory Pension Scheme (CPS)
