Follow Us on Google
Driven by stronger compliance with pension laws, an aggressive recovery of unremitted contributions, more flexible investment strategies and closer collaboration with anti-graft agencies, the National Pension Commission has grown Nigeria’s pension assets to N31.48 trillion, which marks a 51 per cent growth over the past two years.
The Commission has also unveiled a series of reforms that have improved pension payments, expanded coverage and cleared long-standing liabilities affecting retirees.
Presenting a scorecard of the Commission’s achievements at a State House press briefing in Abuja on Tuesday, the Director-General of PenCom, Ms. Omolola Oloworaran, said the reforms implemented under President Bola Tinubu’s administration had transformed retirement security and restored confidence in the country’s pension system.
She disclosed that pension assets increased from N20.79 trillion in July 2024 to N31.48 trillion as of July 10, 2026, creating an additional N10.7 trillion in retirement savings within 24 months.
According to her, the growth reflects renewed confidence in the Contributory Pension Scheme and stronger management of retirement funds.
Oloworaran also said pension coverage expanded significantly during the period, with 938,229 additional workers joining the scheme.
She noted that the number of contributors increased from 10.42 million in July 2024 to 11.32 million, extending retirement protection to more Nigerians.
“Retirement savings are growing and confidence is back. More Nigerians now have retirement security, and this is only the beginning,” she said.
The PenCom boss highlighted measures introduced to improve the welfare of retirees, including the implementation of Pension Boost 1.0, which increased aggregate monthly pension payouts by 22 per cent from N12.2 billion to N14.9 billion.
She added that the Federal Government also approved a N32,000 monthly consequential adjustment for eligible pensioners of treasury-funded Ministries, Departments and Agencies who retired on or before July 29, 2024, ensuring that pensioners benefited from the new national minimum wage.
According to her, more than 195,000 pensioners are benefitting from the adjustment.
Oloworaran described the review of pensions for retirees of the Nigerian Social Insurance Trust Fund as one of the administration’s landmark achievements.
She said it was the first upward review in 21 years, with one retiree’s monthly pension increasing from N18,000 to N206,000, representing a 1,173 per cent rise.
The Commission also cleared N8.7 billion in pension arrears owed to 2,116 NSITF retirees.
She explained that the combined effect of Pension Boost 1.0, the consequential adjustment and the NSITF pension review had resulted in the highest level of pension payments since the introduction of the Contributory Pension Scheme.
The Director-General said PenCom had also improved the speed of pension processing, mandating Pension Fund Administrators to approve retirement benefits within 48 hours.
She noted that the number of retirees receiving benefits increased from 658,811 in July 2024 to 819,411 in July 2026, while total benefit payments rose from N2.3 trillion to N3.44 trillion.
Other News
On compliance, Oloworaran said recoveries of unremitted pension contributions rose from N28.6 billion to N36.6 billion through stricter enforcement measures.
She said the Commission had strengthened collaboration with the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, while a Presidential Executive Order was being developed to strengthen pension compliance across the public and private sectors.
Looking ahead, she announced that PenCom would launch the PenCare Health Initiative within the next three months to provide free health insurance for low-income retirees aged 60 and above earning N150,000 or less monthly.
The pilot phase, she said, would cover 30,000 retirees before expanding nationwide.
The Commission is also set to introduce a Minimum Pension Guarantee aimed at ensuring that no retiree under the Contributory Pension Scheme lives below a guaranteed income threshold.
“Retirement security means more than receiving income. It also means access to healthcare and protection from poverty,” Oloworaran said.
She added that PenCom had completed the digital transformation of pension administration through platforms designed to simplify registration, automate pension clearance, validate contributors biometrically and ensure prompt remittance of pension contributions.
A major highlight of the briefing was the Federal Government’s N758 billion pension bond approved by President Tinubu to settle long-standing pension liabilities dating back to 2007.
Oloworaran said the intervention benefited 957,045 Nigerians, with N387.5 billion allocated for pension increases, N253 billion for accrued pension rights, N107 billion for the Pension Protection Fund and N10 billion for professors’ retirement benefits.
She explained that the intervention had reversed years of pension arrears, moving the system from 21 months of unpaid accrued rights in July 2024 to a surplus covering payments up to December 2029.
The DG further announced a new end-of-service benefits regime under which retiring employees of treasury-funded MDAs would receive benefits equivalent to 100 per cent of their annual emoluments.
She also unveiled plans to expand pension coverage to millions of Nigerians in the informal sector through the Personal Pension Plan, targeting market women, artisans, transport workers, cooperatives and fintech users with flexible contribution options.
To deepen pension penetration and create employment, PenCom will introduce Accredited Pension Agents nationwide.
The initiative, she said, is expected to generate thousands of jobs while bringing pension services closer to underserved communities.
Oloworaran added that the Commission was developing new investment frameworks that would enable pension funds to support infrastructure, energy, healthcare, agriculture, education and other critical sectors while delivering competitive returns for contributors.
Summing up the administration’s achievements, she said the reforms had gone beyond paying pensions to creating opportunities, expanding financial inclusion, supporting national development and restoring dignity to retirement.
“Behind every number is a Nigerian who devoted a lifetime to serving the nation. Pension reform is about honouring that service and ensuring every worker can retire with dignity and confidence,” she said.
