The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has said Nigeria’s Contributory Pension Scheme (CPS) has transformed the country’s pension system, replacing decades of uncertainty with transparency, sustainability, and inclusiveness.
Speaking at a Stakeholders’ Conference on Thursday in Abuja, organised for employees and pensioners of Federal Government Treasury-funded MDAs, Oloworaran noted that the CPS now covers more than 10 million Nigerians in both the public and private sectors, including artisans and the self-employed. The conference was jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC).
Represented by PenCom’s Acting Commissioner (Technical), Hafiz Ibrahim, the DG disclosed that pension assets have grown to over ₦25 trillion, with investments contributing to national development.
According to her, more than 844,000 retirees currently benefit from the CPS, including 552,000 who receive monthly pensions and 291,735 who have accessed lump-sum payments.
“PenCom has also rolled out life-changing interventions such as Pension Boost 1.0, which increased pensions for over 241,000 retirees,” Oloworaran said. “Monthly pension payments rose from ₦12.1 billion to ₦14.8 billion as of June 2025, while delays in pension disbursements have been eliminated.”
She further highlighted innovations such as the introduction of gratuity for civil servants, bond issuance for pension liabilities, stricter prudential standards, and new regulatory frameworks under the “Pension Revolution 2.0” initiative. Other interventions, she added, include a free health insurance scheme for low-income retirees, to commence later this year.
While noting progress, Oloworaran admitted that challenges persist, particularly low coverage in some states and among employers, as well as lingering public scepticism. To address this, PenCom will launch sensitisation workshops across all six geopolitical zones to rebuild trust.
Also speaking, NSIWC Chairman, Ekpo Nta, represented by Acting Secretary, Chiadi Adighiogu, underscored the importance of proper pension management for financial security and workplace productivity.
He recalled that Nigeria’s first pension arrangement, the Defined Benefit Scheme (DBS), was introduced in 1951 but was replaced by the CPS in 2004 and amended in 2014.
Nta explained that the CPS, which is fully funded and privately managed, operates on individual retirement savings accounts for employees in both the public and private sectors. He stressed that the Constitution mandates pension reviews every five years or alongside salary reviews, a provision that guarantees fairness to retirees.
“The proper administration and management of pensions directly influence organisational stability and national productivity,” Nta said.
