The Contributory Pension and Happy Retirement Advocacy (COPEHRA) has applauded President Bola Tinubu for his transformative leadership in Nigeria’s pension sector over the past two years.
In an interview with the News Agency of Nigeria (NAN) in Abuja on Friday, COPEHRA’s Senior Technical Adviser, Alhaji Sani Mustapha, lauded the administration’s pension reforms, highlighting improvements in transparency, accountability, and system integrity.
Mustapha noted that under the oversight of the National Pension Commission (PenCom), the industry had recorded substantial growth, with pension fund assets reaching a record ₦19.53 trillion in the first quarter of 2025. He attributed this to strong performances in equities, mutual funds, and federal government securities.
He revealed that President Tinubu had approved the issuance of a ₦758 billion bond to clear all outstanding pension liabilities under the Contributory Pension Scheme (CPS). Of this sum, ₦388 billion will cover pension increases dating back to 2007, benefiting over 250,000 retirees.
“This long-overdue entitlement underscores the administration’s commitment to a fair and sustainable pension system that reflects current economic realities,” Mustapha said.
He further disclosed that the Federal Government had, for the first time, contributed ₦107 billion to the Pension Protection Fund (PPF) to ensure low-income retirees receive a decent pension. Additionally, ₦11 billion was earmarked to address shortfalls in university professors’ pensions, enabling eligible academics to retire on full salaries, as provided by law.
Mustapha commended ongoing efforts to amend the Pension Reform Act, last reviewed in 2014, describing it as a step in the right direction for stakeholders across the sector.
He also hailed PenCom’s March directive – effective from 1 June – that allows Pension Fund Administrators (PFAs) to process and approve benefits directly. He described this policy as a game-changer for faster and more transparent pension disbursements.
“PenCom is consistently implementing policies that benefit Retirement Savings Account (RSA) holders and pensioners,” he said.
However, Mustapha expressed concern over the failure of several states to enrol in the CPS, and some employers’ continued non-remittance of pension contributions.
“Pensioners no longer need to protest on the streets. They are now receiving what is rightfully theirs. I believe more positive developments lie ahead,” he said.
He concluded by urging continued public support for the administration and commended the Director-General and management of PenCom for championing the ‘Renewed Hope’ agenda in the pension sector.
