On Tuesday, November 3, 2026, the House of Representatives resolved to launch a comprehensive legislative investigation into the Central Bank of Nigeria (CBN) following grave concerns over alleged breaches of approved pension agreements, the non-implementation of the Harmonization Policy, and the arbitrary exclusion of pensioners from general pension increases.
The motion, sponsored by Hon. Hussaini Mohammed Jallo, highlights severe financial hardship, destitution, and avoidable health complications inflicted upon former employees of the apex bank who dedicated their active years to national service.
Lawmakers expressed deep concern that systemic administrative failures, non-compliance with binding contractual agreements, and faulty execution of pension policies have left retired CBN workers struggling to survive.
Most alarming is the rapid decline in the population of CBN pensioners, dropping from 5,104 in 2011 to approximately 3,000 today. This represents a loss of over 2,100 individuals at an average of 140 pensioners per year, a mortality rate that legislature fears is accelerating as surviving retirees advance in age and face prolonged delays in receiving their lawful entitlements.
The House Committee on Pension has been mandated to thoroughly investigate non-compliance by the CBN regarding the administration and payment of pension benefits under terms agreed upon with its retired personnel. The circumstances surrounding the approval and prolonged delay of the Harmonization Policy, calculating outstanding arrears, and determining accountability for resulting disparities will also be probed by the Committee. Furthermore, scrutinize allegations that certain pensioners have been unfairly excluded from general pension increases based on extra-statutory demands that violate applicable laws and approved policies and report back in four weeks.
As part of its oversight responsibilities, the House has resolved to:
- Call upon the CBN and relevant authorities to verify and settle all outstanding arrears lawfully due to affected pensioners and extend general pension increases to all eligible retirees without discrimination.
- Invite the Governor of the Central Bank of Nigeria, relevant regulatory officials, pension administrators, and representatives of the affected pensioners to provide explanations and submit documentary evidence, including policy circulars, payment records, and actuarial reports.
- Direct the Committee on Pension to establish the facts, identify administrative failures or breaches, recommend corrective measures, and report its findings within four weeks for further legislative action.
The House of Representatives reiterates its commitment to protecting the welfare of senior citizens who served the nation, emphasizing that fairness, transparency, and the prompt payment of pension benefits are non-negotiable.
