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From Stanley Uzoaru, Owerri
The Director General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, has reassured the Commission’s commitment to ensuring dignity and security for Nigerian workers and retirees under the Contributory Pension Scheme (CPS).
Speaking at the Sensitisation Workshop on the Workings of the Contributory Pension Scheme for Pensioners in the South-East Zone held in Owerri, jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), Oloworaran described the CPS as “a national success story that has rewritten Nigeria’s pension narrative from chaos to confidence.”
The DG, represented by Commissioner, Inspectorate, Mr Samuel Uwandu, noted that the pension system, once marred by arrears and unpaid entitlements, has evolved into a transparent, sustainable, and inclusive mechanism protecting the retirement security of over 10 million Nigerians across the public and private sectors, including self-employed individuals under the newly rebranded Personal Pension Plan (PPP).
According to her, pension assets have now exceeded ₦25 trillion, channelled into key sectors to drive economic growth and national development. She revealed that over 844,000 retirees currently receive either regular monthly pensions or lump-sum benefits through the CPS—a testament to its reliability and efficiency.
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Oloworaran unveiled a series of bold reforms under the “Pension Revolution 2.0” initiative aimed at improving benefits, strengthening governance, and restoring trust in the system.
Among these innovations and novel developments is Pension Boost 1.0, in which pensions for over 241,000 retirees have been enhanced, raising total monthly pension payments from ₦12.1 billion to ₦14.8 billion effective June 2025.
The PenCom DG also said there is now zero “Waiting Time” for pension payments as since July 2025, retirees no longer wait to access their pensions, as payments are now made immediately upon retirement.
She told the retirees that a new framework has been developed in collaboration with the Office of the Head of the Civil Service to reintroduce gratuity payments for federal workers under the CPS.
