•Rallies stakeholders to deepen trust, confidence in pension system

James Emejo in Abuja

Director General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, yesterday, said the commission will diversify pension asset investments to improve returns, and seek to deepen confidence in the country’s pension system.

Oloworaran said the commission will also strengthen governance and oversight, expand coverage to millions more Nigerians, particularly in the informal sector, and enhance retiree welfare, including health and gratuity buffers.

She spoke at the opening of a sensitisation workshop on the workings of the Contributory Pension Scheme (CPS) for employees/pension desk officers in Abuja. The event was jointly convened by PenCom and National Salaries, Incomes and Wages Commission (NSIWC).

Represented by Director, Contribution and Bond Redemption Department, PenCom, Mr. Usman Musa, Oloworaran stated that the nationwide sensitisation across all six geo-political zones aimed to deepen trust and ensure that every federal employee and pensioner fully understood the CPS and could access its benefits without delay.

She reaffirmed PenCom’s commitment to building the capacity of stakeholders, and providing practical solutions and clarity on the modalities for the upcoming 2026 retiree enrolment exercise and the planned one-off enrolment of all employees of treasury-funded MDAs entitled to accrued pension rights.

Oloworaran revealed that the commission had developed a new, more efficient enrolment application that will provide a user-friendly and seamless experience for all stakeholders in the chain of processing and payment of retirees’ benefits.

The PenCom DG stated that over the last two decades, the CPS had rewritten Nigeria’s pension story, moving from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.

She said, “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. In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.”

She stated that in line with the commission’s mandate to protect contributors and guarantee dignity in retirement, PenCom had rolled out key interventions that were changing lives.

According to her, these include the Pension Boost 1.0, which enhances pensions for over 241,000 retirees, representing 80 per cent of those under Programmed Withdrawal.

Oloworaran added that monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.

Oloworaran said through the zero-waiting time for pension payments, no retiree had waited to access their pensions since July 2025, stating that payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance.

She stressed that approval had been secured for the issuance of N758 billion bonds to clear long-standing pension obligations, including pension increases owed since 2007.

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

The PenCom boss stated that beginning later this year, there will be free health insurance for retirees, starting with pensioners in lower-income categories, ensuring dignity and security beyond financial pensions.

Nonetheless, she pointed out that while the CPS had achieved much, challenges remained, especially given that coverage expansion was still limited, with several states and employers yet to fully comply.

She said public scepticism, often shaped by painful experiences of the past, continued to undermine trust in the system.

Oloworaran told participants, “But let me stress this: we cannot do it alone. The CPS belongs to all of us. Its success depends on your cooperation, advocacy, and trust.

“Today is not just about reviewing policies or resolving technical issues, it is also about reaffirming a shared vision: a Nigeria where every worker can retire with dignity, where every pensioner enjoys peace of mind, and where pensions play a central role in national prosperity.

“I urge you all to participate actively. Ask questions, share your insights, and let us co-create the pension system our nation deserves. I must once more take this opportunity to reassure you that PenCom remains committed to continuously improving service delivery across the Pension Industry.”

​