More than 552,000 retirees in Nigeria are now receiving regular monthly pensions under the Contributory Pension Scheme (CPS), according to the National Pension Commission (PenCom).
The Commission also disclosed that total pension assets have surpassed N25 trillion, marking a milestone in Nigeria’s pension administration and its contribution to national development.
The Director-General of PenCom, Ms. Omolola Oloworaran, made this known on Thursday in Yola during a two-day sensitisation workshop on the workings of the CPS for employees and pensioners in the North-East.
She was represented by Alhaji Bello Abubakar, the Commissioner for Administration at the Commission.
Improved transparency in pension system
Oloworaran said the achievement reflected improved transparency, governance, and accountability in the pension system.
“Presently, over 552,000 retirees currently receive regular monthly pensions, while 291,735 others have accessed lump-sum benefits under the scheme,” she stated.
“In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.”
She noted that 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.
Reforms to improve retirees’ welfare
Oloworaran highlighted several ongoing reforms aimed at improving retirees’ welfare and strengthening the scheme’s long-term sustainability.
“The Commission has introduced free health insurance for retirees, starting with low-income categories, to ensure dignity and security beyond financial pensions,” she said.
“PenCom has also strengthened prudential standards for operators by introducing stricter capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians.”
Under the “Pension Revolution 2.0” initiative, PenCom has introduced five new regulatory frameworks, including whistle-blowing guidelines for pension fund assets, revised investment regulations, and frameworks for accredited pension assets.
New enrollment application
The DG also disclosed that the Commission had developed a new enrolment application to ensure a seamless experience for the 2026 retiree enrolment exercise.
She said PenCom plans to further diversify pension investments, expand coverage to informal sector workers, and enhance retiree welfare through additional health and gratuity buffers.
“Over the years, the Contributory Pension Scheme has rewritten Nigeria’s pension story,” Oloworaran noted.
“We have moved from an era of unpaid entitlements and uncertainty to one anchored on transparency, sustainability, and inclusiveness.”
While acknowledging progress, she admitted that limited coverage and non-compliance by some states and employers remain ongoing challenges.
The Yola workshop, organised in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC), is part of a nationwide campaign to deepen awareness of the CPS and reinforce the welfare and dignity of Nigerian pensioners.
What you should know
On Tuesday, PenCom and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) signed a Memorandum of Understanding (MoU) aimed at recovering unremitted pension contributions and enforcing compliance across sectors.
- The agreement was formalized during a signing ceremony in Abuja, where PenCom Director-General, Mrs. Omolola Oloworaran, emphasized the significance of the partnership in strengthening accountability and transparency in pension fund management.
- She explained that the MoU outlines a coordinated framework for prompt disbursement of recovered funds into Retirement Savings Accounts (RSAs) and mandates legal action against defaulting employers.
IT’S A NICE THING EVER TO HAPPEN IN PENSIONS PAYMENT IN NIGERIA I HOPE OTHER INSTITUTIONS WILL LEARN FROM PENCOM FOR A BETTER NIGERIA ‘ALLUTA CONTIUNA!”
This sounds good, if well implemented…BUT, is it the reason the enrollment of 2026 retirees has been delayed?. Please communicate clearly to us the procedure and the platform for enrollment. Will it be an online exercise? Will it be exclusively done by PFAs? I think both methods should be considered. I have been looking for reliable information since March 2025. I learnt the exercise will commence in August, then October. Now we are in November and my PFA is saying that the portal for enrollment has not yet been enabled. Please do something.