By Correspondent in Abuja.
The Director-General,National Pension Commission (PenCom), Omolola Oloworaran, says the Contributory Pension Scheme (CPS) has completely rewritten Nigeria’s pension story, moving the country from an era of uncertainty and unpaid entitlements to one of transparency, sustainability, and inclusiveness.
Oloworaran, represented by the Acting Commissioner (Technical), Mr. Hafiz Ibrahim, made this known at the Stakeholders’ Conference on the workings of the CPS for employees and pensioners of Federal Government Treasury-funded MDAs, held in Abuja on Thursday. The event was jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC).
She highlighted that the CPS now covers more than 10 million Nigerians across the public and private sectors, including artisans and the self-employed under the Personal Pension Plan. Pension assets, she said, have grown to over ₦25 trillion, driving national development through strategic investments, while ensuring regular monthly pensions for over 552,000 retirees and lump-sum benefits for an additional 291,735 retirees.
“In total, more than 844,000 retirees across both sectors now enjoy steady, reliable, and transparent retirement benefits,” she noted.
Oloworaran outlined key interventions under the scheme, including:
Pension Boost 1.0 – Enhancing pensions for over 241,000 retirees, representing 80% of those under programmed withdrawal.
An increase in monthly pension payments from ₦12.15 billion to ₦14.83 billion, effective June 2025.
Zero waiting time for pension payments, with immediate access since July, in alignment with salary releases from the Ministry of Finance.
The reintroduction of gratuity for civil servants.
Issuance of FGN bonds to clear pension liabilities.
Free health insurance for retirees, starting later this year with lower-income pensioners.
Stronger prudential standards for operators and new regulations under the Pension Revolution 2.0 initiative.
While celebrating these milestones, she acknowledged challenges, particularly limited compliance by some states and employers, as well as lingering public skepticism shaped by past pension crises. She stressed the importance of continuous stakeholder engagement and announced nationwide sensitisation workshops across all six geopolitical zones to build trust and awareness.
Oloworaran reaffirmed PenCom’s commitment to diversifying pension asset investments, expanding coverage in the informal sector, and improving retiree welfare through health and gratuity buffers.
Also speaking, NSIWC Chairman, Mr. Ekpo Nta, represented by the Acting Secretary, Mr. Chiadi Adighiogu, said pension reforms under the current administration have deepened financial security for workers and retirees. He stressed that proper pension management is vital for worker productivity, organisational stability, and national development.
Tracing the history of pensions in Nigeria, Nta recalled that the Defined Benefit Scheme (DBS) introduced in 1951 was later replaced by the CPS in 2004 and amended in 2014, making it fully funded, privately managed, and based on individual accounts.
He noted that Section 173(3) of the 1999 Constitution (as amended) mandates pension reviews every five years or in line with salary adjustments, while the NSIWC Act empowers the commission to recommend periodic reviews.
“It is on this basis that the NSIWC has issued several circulars for pension increases, especially for DBS pensioners,” he added.
Edited by Dada Ahmed.
