The National Pension Commission (PenCom) has revealed that more than 844,000 retirees across Nigeria’s public and private sectors now receive steady and transparent pension payments under the Contributory Pension Scheme (CPS).
PenCom’s Director-General, Ms. Omolola Oloworaran, disclosed this on Friday in Kano during a sensitisation workshop organised for pensioners from various geopolitical zones. The event, jointly hosted by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), aimed to educate retirees on the workings of the CPS and highlight recent reforms.
Speaking at the event, Oloworaran—represented by PenCom’s Commissioner, Technical, Alhaji Hafizu Kawu—reaffirmed the commission’s commitment to ensuring that all contributors and retirees receive their benefits promptly and in full compliance with the Pension Reform Act 2014.
She noted that the CPS has demonstrated strong sustainability and resilience since its inception, with pension assets now exceeding ₦25 trillion as of September 2025. The funds, she said, are being invested in strategic sectors to promote national development while safeguarding contributors’ savings.
“In total, more than 844,000 retirees across both public and private sectors now enjoy steady, reliable, and transparent retirement benefits,” Oloworaran said.
She added that, in addition to regular monthly pensions for over 552,000 retirees, PenCom has paid lump-sum benefits to 291,735 others, in line with existing regulations.
Highlighting new reforms, she explained that PenCom recently launched the Pension Revolution 2.0 initiative, featuring Pension Boost 1.0 — a programme that raised monthly pensions for more than 241,000 retirees, representing 80% of those on the programmed withdrawal option. The initiative increased total pension payments from ₦12.15 billion to ₦14.83 billion, effective June 2025.
Oloworaran also announced that President Bola Tinubu had approved the issuance of ₦758 billion in Federal Government Bonds to clear outstanding pension liabilities, including arrears of pension increases dating back to 2007.
She commended the president for what she described as a bold and compassionate step, saying the move would bring relief to pensioners and restore confidence in the pension system.
Also speaking, Mr. Akin Abe, Director of Compensation at the NSIWC, reaffirmed the commission’s dedication to ensuring fair and regular pension adjustments in line with government policies and economic realities. He added that several circulars had been issued to address retirees’ complaints and ensure prompt payments.
In his remarks, Mr. Sylva Nwaiwu, National Chairman of the National Union of Contributory Pensioners, called for increased public awareness about the CPS. He emphasised that the scheme, introduced in 2004, continues to guarantee the safety of pension funds and improve retirees’ welfare, while ongoing zonal workshops aim to dispel misconceptions and promote transparency in pension administration.
