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The National Pension Commission (PenCom) has launched Pension Boost 1.0, an initiative under the Contributory Pension Scheme (CPS) aimed at increasing monthly pension payouts to retirees.
Announcing the development during PenCom’s second-quarter media briefing in Lagos on Thursday, Director-General Ms. Omolola Oloworaran disclosed that the total monthly pension payout has risen from N8.3 billion to N11.9 billion, effective from June.
“This is the news every retiree has been waiting for,” Oloworaran declared. “Over 233,000 retirees will benefit from this increase, depending on their Retirement Savings Account balances.”
The DG attributed the enhancement to strong investment performance of RSAs and ongoing economic reforms under President Bola Tinubu’s administration.
“This is not a token gesture. It reflects sound investment returns and a visionary framework for pension enhancement,” she said.
Oloworaran explained that the initiative is backed by PenCom’s newly revised standard pension enhancement template, providing a transparent mechanism for upward adjustments aligned with improved investment outcomes.“This is just the beginning,” she added.
She further revealed that PenCom had cleared the backlog of pension arrears, with all retirees up to March 2025 having received their accrued rights and monthly payments.
Oloworaran commended President Tinubu for approving a N758 billion bond to clear outstanding pension liabilities, describing it as a landmark decision reflecting government commitment to retirees’ welfare.
“Thanks to President Tinubu’s decisive leadership, we have seen consistent releases of funds since November last year. The end of pension arrears is very near,” she said.
Reaffirming PenCom’s mission, Oloworaran stressed the commission’s commitment to a transparent, inclusive, and resilient pension system. “We are restoring faith in retirement. We are rewarding work with dignity,” she said.
Oloworaran also warned employers delaying pension remittances and pension operators falling short of expectations.
“To employers with late remittances, your grace period is over. To complacent operators, there will be consequences. And to Nigerian workers, we see you, we hear you, and we will protect your future. This is a new era,” she declared.
