The director general of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has restated the commission’s commitment to its set of new reforms designed to enhance the operations and benefits of the Contributory Pension Scheme (CPS), including the introduction of a zero waiting time for pension payments, restoration of gratuity for federal civil servants, and free health insurance for retirees.
She made the remarks in Abuja on Wednesday during a sensitisation workshop on the workings of the CPS for employees and pension desk officers in Ministries, Departments, and Agencies (MDAs), jointly organised by PenCom and the National Salaries, Incomes and Wages Commission.
Oloworaran described the workshop as a continuation of a national conversation that directly impacts the lives and dignity of Nigerian workers and retirees. She said the CPS, which has now operated for over two decades, has “rewritten Nigeria’s pension story” by replacing an era of uncertainty and unpaid entitlements with a system anchored on transparency, sustainability, and inclusiveness.
“Today, more than 10 million Nigerians — from public service employees to private sector workers, and even the self-employed under the Personal Pension Plan — are covered under the CPS,” the DG, who was represented by the director of the Contribution and Bond Redemption Department in PenCom, Mr Usman Musa said.
According to her, pension assets have grown to over N25 trillion, fueling national development through strategic investments and ensuring regular monthly pensions for over 552,000 retirees, as well as lump sum benefits for 291,735 others.
In total, more than 844,000 retirees across both public and private sectors now enjoy reliable and transparent retirement benefits.
Highlighting recent milestones, the PenCom DG outlined a series of bold reforms under what she described as “Pension Revolution 2.0”, all aimed at strengthening retirement security and trust in the system.
Among these is “Pension Boost 1.0”, which has already enhanced pensions for over 241,000 retirees — representing 80 per cent of those under the programmed withdrawal scheme. Monthly pension payments, she revealed, rose from N12.157 billion to N14.837 billion effective June 2025.
Oloworaran also announced the successful implementation of “Zero Waiting Time for Pension Payments,” an initiative that ensures no retiree waits to access their pension benefits.
“Since July 2025, pension payments have become immediate, aligned with monthly salary releases from the Federal Ministry of Finance,” she stated.
President Bola Ahmed Tinubu had approved the issuance of N758 billion Federal Government bonds to clear long-standing pension liabilities, including arrears of pension increases dating back to 2007.
On his part, the chairman of the National Salaries, Incomes and Wages Commission, Ekpo Nta, emphasised the importance of pension administration to organisational stability and national productivity. He noted that effective pension management prevents old-age poverty and sustains retirees’ standard of living, while also strengthening institutional efficiency and workforce morale.
Commending the current administration for introducing reforms to ensure prompt pension payments, Nta expressed optimism that the retreat would enrich discussions and strengthen collaboration toward a more efficient and equitable pension system. Nta was also represented by the head of compensation in his office, Mr Akin Abe.
