September 21, (THEWILL) — The Federal Government plans to issue a N758bn bond before the first week of October to clear outstanding pension liabilities, the National Pension Commission has disclosed.
This was disclosed at a press briefing in Abuja by the Director of Contribution and Bond Redemption Department at PenCom, Usman Musa.
Musa who explained that the process had already begun added that it was moving quickly following the approvals of the Federal Executive Council and the National Assembly.
His words, “As the DG has mentioned, the process of issuance of the N758bn bond has commenced. In fact, we have gone very fast.
“We are hopeful that by the end of this month, or at least the first week of October, we will start receiving the process. And once that is done, the bond is ready to go; we will commence payment.”
In her address, the Director-General of PenCom, Omolola Oloworaran, said the inauguration of the Pension Industry Leadership Council marked a “historic milestone” for the pensions industry.
According to her, the council was designed to provide collective leadership and coordination, similar to the Bankers’ Committee in the financial system.
Her words, “Since 2004, the Contributory Pension Scheme has mobilised long-term savings, restored retirement dignity and bolstered financial stability. But that said, there are still urgent challenges. This includes coverage gaps, adequacy, governance and impact. We must demonstrate impact, and we need to do a whole lot more of that.”
She stressed that the mandate of the new council was clear, listing its tasks as expanding coverage, especially to the informal sector, enforcing governance and fiduciary standards, channelling assets into national development while safeguarding contributors’ interests, driving innovation in products and processes, and strengthening public confidence.
PenCom has intensified the digitization of its processes towards consolidating its global spotlight which has earned it international recognition.
