The Federal Government may issue a N758bn bond before the first week of October to clear outstanding pension liabilities, the National Pension Commission has disclosed.
Speaking at a press briefing in Abuja on Thursday, the Director of Contribution and Bond Redemption Department at PenCom, Usman Musa, explained that the process had already begun and was moving quickly following the approvals of the Federal Executive Council and the National Assembly.
“As the DG has mentioned, the process of issuance of the N758bn bond has commenced. In fact, we have gone very fast,” Musa said. “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. She explained that the council was designed to provide collective leadership and coordination, similar to the Bankers’ Committee in the financial system.
