The Tinubu Media Support Group (TMSG) has said that President Bola Tinubu’s approval of a N758 billion bond to offset outstanding pension liabilities for retired federal civil servants is proof of his sense of care and compassion for people.
It is a practical demonstration, in immeasurable terms, of the President’s known unwavering commitment to the welfare of retirees and the ennobling community of senior citizens in the country.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group also described the bond as a creative way of raising funds to solve a problem that predated his administration.
It read in part: “We acknowledge that the outstanding pension liabilities had been pending before 2004 under the old benefit system for all categories of pensioners before the switch to the present contributory pension scheme.
“For us, it is a huge intervention by the federal government to clear the backlog of pension under the old pension system and it shows the President’s sense of humanity and consciousness of the challenges faced by helpless pensioners deprived of their post-retirement dues.
“We are aware of the hues and cries of affected senior citizens especially with the global cost of living crisis, so economically speaking, this fund to be raised by the Debt Management Office (DMO) will enhance the purchasing power of the retirees when accessed.
“This is especially as under the old Defined Benefit Scheme, some pensioners who had not yet retired required top-ups to their benefits whenever wage increases occurred every five years.
“We know that this is not the first time since assuming office that President Tinubu is displaying his readiness to ensure the welfare of retirees who had spent their productive years serving the country.
“It is on record that the Tinubu administration, a few months ago, approved the release of funds for the settlement of pension arrears and other entitlements owed to retired military personnel.
“There is also an affirmation from the National Union of Pensioners (NUP) of a new national minimum pension which also underlined our position on the commitment of the Tinubu administration to the well-being of retirees.”
The group added that the federal government has, by its actions, shown that it is not about to abandon any sector of the populace to the vagaries of the global cost of living crisis.
