By Zaccheaus Babalola
The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, says reforms introduced by the Federal Government over the past two years have restored confidence in the nation’s pension system, improved the welfare of retirees, and strengthened retirement security for workers.
Speaking during the State House media briefing programme, Meet the Press, in Abuja, Ms. Oloworaran said the reforms implemented under President Bola Ahmed Tinubu’s administration have focused on fulfilling outstanding pension obligations, increasing pension benefits, and improving service delivery.
She explained that the Federal Government’s ₦758 billion intervention fund has cleared pension liabilities dating back to 2007, benefiting more than 957,000 retirees and eliminating a backlog that had accumulated over nearly two decades.
According to her, pension assets have increased from ₦20.7 trillion to ₦31.48 trillion—representing a 51 per cent growth—while more than 938,000 additional contributors have joined the Contributory Pension Scheme (CPS), bringing greater retirement security to Nigerian workers.
The PenCom Director-General stated that aggregate monthly pension payments have risen by 22 per cent, from ₦12.2 billion to ₦14.9 billion. Additionally, eligible retirees of treasury-funded Ministries, Departments, and Agencies (MDAs) now receive a ₦32,000 monthly consequential adjustment following the implementation of the new national minimum wage.
She also highlighted the first review of pensions for retirees under the Nigeria Social Insurance Trust Fund (NSITF) in 21 years, noting that some pensioners recorded increases of more than 1,000 per cent, with outstanding arrears fully settled.Ms. Oloworaran said pension benefit approvals that previously took several months are now processed within 48 hours, while compliance with pension remittances has improved by 28 per cent through stronger enforcement measures.
Ms. Oloworaran explained that prospective retirees under the Contributory Pension Scheme (CPS) are required to participate in the annual online verification and enrolment exercise.
This yearly documentation exercise, which has now been fully automated, allows soon-to-be retirees to capture their employment records and upload necessary documents prior to retirement, ensuring their pension benefits are computed and paid without delay.
She announced that the Minimum Pension Guarantee and the PenCare healthcare initiative for vulnerable retirees will be rolled out within the next three months to provide income protection and access to healthcare for pensioners.
The PenCom boss further disclosed that the Commission is expanding pension coverage through the Micro Pension Plan to accommodate workers in the informal sector and is establishing a nationwide network of accredited pension agents to increase participation and create employment opportunities.
She added that the Commission is also developing investment frameworks that will channel pension assets into critical sectors such as infrastructure, healthcare, education, agriculture, and power, while safeguarding contributors’ funds and ensuring sustainable returns.
Ms. Oloworaran maintained that the reforms have repositioned the pension system as a key instrument for social protection, economic development, and the delivery of the Renewed Hope Agenda, ensuring that Nigerian workers retire with greater financial security and dignity.
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