Ebere Nwoji

The National Pension Commission (PenCom), has said that a total of 844,000 retirees across both public and private sectors currently enjoy retirement benefits that are steady, reliable, and transparent, courtesy of the Contributory Pension Scheme(CPS).

The Director General PenCom, Ms Omolola  Oloworaran who disclosed this at a pension workshop held in Lagos said the enactment of the Pension Reform Act 2004 amended in 2014  which gave birth to the CPS was one of the best things that has happened in the history of Nigeria, adding that it has permanently solved problem of unpaid pensions and retirement without  hope.

“Over the last two decades, the Contributory Pension Scheme has rewritten Nigeria’s pension story. We have moved from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.Today, more than 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.Pension assets have grown to over N25 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees,” she stated.

She said even at present, the commission has continued to carry out series of reforms targeted at making the system perfect to the benefit of Nigerians.

He added, “Reform is a continuous journey. In line with our mandate to protect contributors and guarantee dignity in retirement, PenCom has rolled out key interventions that are changing lives.”

She also said monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.

According to her, there is now zero waiting time for pension payments pointing out that since July 2025, no retiree waits to access his  pensions. “Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance,” she said.

She said in line with the reforms, the commission was working with the Office of the Head of the Civil Service,  adding that a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.

She said another part of the reform was the FGN Bond issuance for pension liabilities  as he informed that aproval has been secured for the issuance of N758 billion bonds to clear long-standing pension obligations, including pension increases owed since 2007. 

He said, “This bold step by His Excellency, President Bola Ahmed Tinubu, deserves commendation, as it will bring much-needed relief to vulnerable pensioners and restore confidence in our system.”

She further said the reforms have spelt stronger prudential standards for operators as minimum capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians have been revised to ensure greater financial stability, service delivery, and technological resilience.