The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has announced plans to diversify pension asset investments to boost returns and strengthen confidence in Nigeria’s pension system.
Speaking at the opening of a sensitisation workshop on the workings of the Contributory Pension Scheme (CPS) for employees and pension desk officers in Abuja, Oloworaran said the commission would also deepen governance and oversight, expand pension coverage—particularly among informal sector workers—and enhance retiree welfare, including health and gratuity support.
The event was jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC). Oloworaran, who was represented by the Director of the Contribution and Bond Redemption Department, Mr. Usman Musa, said the ongoing nationwide sensitisation across all six geopolitical zones was aimed at improving understanding and trust in the CPS.
She explained that the initiative would help ensure that all federal employees and pensioners could access their benefits without delay. According to her, PenCom is building stakeholder capacity and providing clarity on the modalities for the 2026 retiree enrolment exercise and the one-off enrolment of employees of treasury-funded MDAs entitled to accrued pension rights.
Oloworaran also revealed that PenCom had developed a new, user-friendly enrolment application to streamline the processing and payment of retirees’ benefits.
Highlighting the achievements of the CPS over the past two decades, she said the scheme had transformed Nigeria’s pension system from one plagued by unpaid entitlements into a transparent and sustainable structure.
“Today, more than 10 million Nigerians—from public servants to private sector workers and self-employed individuals under the Personal Pension Plan—are covered under the CPS,” she said. “Pension assets have grown to over N25 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.”
The PenCom DG noted that the commission had introduced several initiatives to improve retirees’ welfare, including the Pension Boost 1.0, which increased pensions for over 241,000 retirees (about 80 per cent of those under Programmed Withdrawal). She added that monthly pension payments rose from N12.157 billion to N14.837 billion, effective June 2025.
Oloworaran further disclosed that PenCom’s zero-waiting-time policy had eliminated delays in pension disbursements since July 2025, with payments now processed immediately alongside monthly salary releases by the Federal Ministry of Finance.
She also confirmed that President Bola Ahmed Tinubu had approved the issuance of N758 billion in bonds to clear long-standing pension arrears, including increases owed since 2007—an intervention she said would bring relief to vulnerable pensioners and restore confidence in the system.
In addition, Oloworaran announced plans to introduce free health insurance for retirees, starting with those in lower-income categories, to ensure their dignity and security beyond financial pensions.
While acknowledging progress, she admitted that challenges persist, especially regarding limited coverage and non-compliance by some states and employers. She urged stakeholders to support the commission’s efforts to build trust and ensure universal pension access.
“The CPS belongs to all of us,” she said. “Its success depends on your cooperation, advocacy, and trust. Together, we can build a system where every worker retires with dignity and every pensioner enjoys peace of mind.”
