The National Pension Commission (PenCom) has rebranded its Personal Pension Plan (PPP) to expand coverage and encourage voluntary retirement savings among Nigerians, especially informal sector workers.
PenCom Director-General Omolola Oloworaran disclosed this during a sensitisation workshop for pension desk officers from federal ministries, departments and agencies in Lagos on Wednesday.
She said the initiative marks a major shift in how individuals can contribute directly to their Retirement Savings Accounts (RSAs) without employer mediation.
“Before, voluntary contributions had limitations — you could only contribute through your employer. Now, you can choose to save for yourself,” Oloworaran explained.
Formerly known as the Micro Pension Plan, the PPP was introduced in 2019 to extend pension benefits to self-employed and informal workers. Despite limited participation — about 200,000 contributors and ₦1 billion in assets — PenCom expects the redesign to drive broader inclusion.
Oloworaran revealed that pension assets have now grown beyond ₦25 trillion, supporting national development through strategic investments. Over 844,000 retirees across both public and private sectors receive steady pension benefits.
She added that, from July 2025, retirees now receive their entitlements in the same month they retire, following reforms linking payments to the Federal Ministry of Finance’s monthly salary schedule.
Highlighting the president’s directive for wider inclusion, Oloworaran said:
“President Bola Tinubu has charged us to bring more informal workers — who make up over 70 million people and contribute 60 per cent of GDP — into the pension net.”
She described the rebranded PPP as a key step towards achieving inclusive retirement security nationwide.
