Yola (Nigeria): The National Pension Commission (PenCom) reports that pension assets have grown to over ₦25 trillion, significantly contributing to national development through strategic investments.
Ms Omolola Oloworaran, the Director-General of PenCom, said this on Thursday in Yola at a two-day sensitisation workshop on the workings of the Contributory Pension Scheme (CPS) for employees and pensioners in the North-East.
Oloworaran, represented by the Commissioner for Administration in PenCom, Alhaji Bello Abubakar, said the growth reflected improved transparency, governance, and accountability in pension administration.
“Presently, over 552,000 retirees currently receive regular monthly pensions, while 291,735 others have accessed lump-sum benefits under the scheme due to the increase.
“In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent,” she said.
The PenCom DG highlighted recent reforms and interventions implemented to improve pensioners’ welfare and strengthen the scheme’s sustainability.
“More than 10 million Nigerians, including public servants, private sector employees, and the self-employed under the Micro Pension Plan, are now covered under the CPS.
“The Commission has also introduced free health insurance for retirees, starting with low-income categories, to ensure dignity and security beyond financial pensions.
“PenCom has strengthened prudential standards for operators, introducing stricter capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians,” she added.
Oloworaran further listed five new regulations introduced under the “Pension Revolution 2.0” initiative.
These include: whistle-blowing guidelines for pension fund assets, revised investment regulations, and frameworks for accredited pension assets, among others.
She disclosed that PenCom had developed a new enrolment application to ensure a seamless experience during the 2026 retiree enrolment exercise.
According to her, the Commission plans to diversify pension investments, expand coverage to informal sector workers, and enhance retiree welfare through health and gratuity buffers.
“Over the years, the Contributory Pension Scheme(CPS) has rewritten Nigeria’s pension story.
“We have moved from an era of unpaid entitlements and uncertainty to one anchored on transparency, sustainability, and inclusiveness,” she said.
While acknowledging progress, Oloworaran noted that challenges such as limited coverage and non-compliance by some states and employers persist.
She said the workshop formed part of nationwide engagements designed to protect the welfare and dignity of Nigerian workers and pensioners, while sustaining reforms that have transformed the pension system over the last two decades.
PenCom organised the workshop in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC).