“We Served, We Starve”: Pensioners Demand Immediate Payment of ₦758bn Arrears Amid Soaring Cost of Living
Despite President Bola Ahmed Tinubu’s February approval of a ₦758 billion Treasury bond to offset decades-long pension arrears under the Contributory Pension Scheme (CPS), Nigerian pensioners—particularly in the Federal Capital Territory (FCT)—say their lives hang in the balance due to the long delay in implementation.
Following months of anticipation, the National Assembly only gave final approval for the bond’s implementation on July 22. But for many retirees, hope is waning, and frustration has turned into desperation.
Living on the Edge: Retirees Speak Out
“We’re too old to protest. Some have died waiting. What more does the government want?” cried Hajiya Amina Lawal, one of dozens of affected pensioners who spoke to BRANDECONOMY. “Even civil servants can’t eat three square meals, how much more us retirees?”
The approved bond was expected to clear outstanding pension liabilities for retirees under the CPS—many of whom have waited over a decade for justice. But the delay in disbursement has caused deep anguish among senior citizens who have contributed their best years to public service.
Mr George Ose, a retiree and father of four, narrated his harsh reality:
“I can’t pay school fees. My landlord wants me out. I can’t access NHIS anymore. I’m sick, hungry, and forgotten. If I had known, I wouldn’t have served this country.”
Mrs Joy Adewale, who retired alongside her husband in 2016, echoed this heartbreak:
“We opened a small soft drink shop to survive, but it was demolished by the government. My bank won’t even give me a loan because I’m a retiree. The hardship is killing. My neighbour, another pensioner, died two months ago waiting for this payment.”
The Tragedy of Unfulfilled Promises
In February 2025, the Federal Executive Council approved the ₦758 billion bond following mounting pressure from labour unions, retirees, and civil society. The bond was heralded as a game-changer that would not only clear pension arrears but improve retirees’ monthly benefits in line with current inflationary realities.
But five months later, pensioners say the delay in execution is costing lives.
Mrs Nkiru Offor, who retired in 2019, said she was lucky to have been paid in 2021, but her pension has since lost value due to inflation. Her health has suffered greatly since being delisted from the National Health Insurance Scheme (NHIS):
“The private NHIS costs ₦50,000, and even then, they say my account has not been credited. No access to subsidized healthcare. We’re spending what we don’t have.”
Systemic Neglect and Economic Irony
Ironically, Nigeria’s pension asset fund has surpassed ₦18 trillion as of Q2 2025, according to data from PenCom. Yet, the paradox remains: rising pension fund assets but falling pensioner wellbeing.
Evans Ubah, another affected retiree, summed it up:
“We’re told pension funds are rising. But we can’t access anything. We served. We deserve to live, not die in penury.”
He also referenced constitutional provisions which mandate periodic increases in pensions every five years—adjustments that have been largely ignored.
A Humanitarian and Economic Crisis
The pensioners’ plight is not just a social justice issue—it has broader economic implications. Unpaid pensions mean reduced purchasing power, fewer SMEs started by retirees, and added pressure on already overstretched families and public healthcare.
Call to Action: Time for the FG to Walk Its Talk
While the Treasury bond has finally received legislative approval, the ball is now in the court of the Federal Ministry of Finance and PenCom to expedite implementation. Every day of delay risks more lives and further damages public trust.
The message from retirees is clear: pay us while we are alive, not posthumously.
As one pensioner poignantly put it:
“We’re not asking for handouts. We want what we earned, what we are owed. Let us reap the fruits of our labour—before it’s too late.”
Bottom Line
The plight of Nigeria’s pensioners stands as a test of the Tinubu administration’s promise of a Renewed Hope Agenda. Timely and full implementation of the ₦758bn pension bond will not only restore dignity to retired civil servants—it will send a strong message that Nigeria values its workforce, both active and retired.
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