Advocates within the pension sector have urged Omolola Oloworaran, the newly appointed Director-General of the National Pension Commission, to prioritize the timely disbursement of benefits to retirees.
Oloworaran assumed office earlier this month, vowing to usher in new initiatives in the execution of the Contributory Pension Scheme.
President Bola Tinubu appointed Oloworaran as the new director-general of PenCom in July, pending confirmation by the Nigerian Senate.
Addressing the new DG concerning retirees’ benefits, Ivor Takor, the Director of the Centre for Pension Rights Advocacy, stated, “In extending a warm industry welcome, I underscore the primary goals of the Pension Reform Act 2014, which birthed PenCom and guided her appointment: Ensuring seamless operations of the Contributory Pension Scheme and ensuring that all public service retirees – federal, FCT, state, and local government levels – promptly receive their retirement benefits.”
Takor highlighted the historical delays in benefit payments, attributing them not to past PenCom DGs but to a lack of political will and empathy from successive government administrations at federal and state levels. Many retirees across different government tiers have faced extended delays in receiving their entitlements.
For the new DG, like her predecessors, the task includes advocacy efforts with state governors and local government leaders, particularly following the Supreme Court’s decision granting full financial autonomy to all 774 local governments.
“Her paramount duty is ensuring timely disbursement of benefits to retired federal public servants, including those in the FCT. A pressing issue is the release of funds for accrued pension rights, the primary cause of delayed benefits for federal retirees,” Takor added.
He further emphasized the need to address disparities in treatment between pensioners under the CPS and the old Defined Benefit Scheme, which contravenes constitutional provisions.
Expressing confidence in her success, Takor noted, “The appointing President desires her success, and she is expected to receive the necessary support to enhance retirees’ and pensioners’ welfare.”
In a discussion with NewsNow, Gbadebo Olatokunbo, Chairman of the NTA Contributory Pensioners, stressed that the primary focus of the new DG should revolve around alleviating issues faced by contributory pensioners.
He emphasized, “The laws of Nigeria have mandated PenCom with the responsibilities towards contributory pensioners, holding the organization accountable for addressing any challenges faced by contributory pensioners in the country. Hence, the new leader must prioritize the well-being of contributory pensioners with regards to withdrawals savings or annuities.”