The Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, has said pension reforms introduced by the President Bola Tinubu administration have restored confidence in Nigeria’s retirement system, with pension assets rising to N31.48 trillion and more than 938,000 new contributors joining the scheme within two years.
Speaking at a Meet the Press Forum at the State House on Tuesday, Oloworaran said the government’s interventions had transformed pension reform into “an instrument of justice, an instrument of dignity, and an instrument of economic opportunity.”
She said the reforms had increased retirees’ earnings, resolved long-standing liabilities and strengthened the Contributory Pension Scheme (CPS).
According to her, major interventions included the N758 billion pension bond, pension increases that raised monthly payouts, and a N32,000 consequential adjustment for eligible retirees of treasury-funded Ministries, Departments and Agencies.
Oloworaran also disclosed that the first review of National Social Insurance Trust Fund (NSITF) pensions in 21 years raised some retirees’ monthly payments from N18,000 to N206,000, with outstanding arrears fully settled.
“The dignity of work must be matched by dignity in retirement,” she said, adding that the administration’s pension reforms had strengthened its credentials as a pro-worker and pro-retiree government.
She revealed that pension assets increased from N20.79 trillion to N31.48 trillion within 24 months, representing a growth of more than N10.7 trillion, while 938,229 new contributors enrolled in the scheme during the period.
Oloworaran added that monthly pension payments under Pension Boost 1.0 rose by 22 per cent, from N12.2 billion to N14.9 billion, while the new minimum wage adjustment ensured retirees were not excluded from the benefits of economic reforms.
She described the N758 billion Federal Government pension bond as one of the most significant interventions in Nigeria’s pension history, saying it cleared obligations dating back to 2007 and benefited 957,045 Nigerians.
The PenCom boss said accrued pension rights had moved from 21 months in arrears to a 41-month surplus, describing the development as “a complete reversal.”
She announced that PenCom would roll out the Minimum Pension Guarantee and PenCare, a healthcare support programme for vulnerable retirees, within three months.
She added that the commission was developing a Personal Pension Plan for informal sector workers and a pension agent network to expand access to retirement savings nationwide.
“The most patient capital in Nigeria should work for Nigeria,” Oloworaran said, noting that PenCom was exploring ways to channel pension funds into infrastructure sectors including roads, ports, power, healthcare, education and agriculture.
She assured Nigerians that the impact of efforts to extend pension coverage to informal workers would become visible within the next two to three years, as the commission strengthens digital systems and regulatory frameworks.
According to her, PenCom is prioritising simplified registration, digitised processes and licensed pension agents to enable market women, artisans, transport workers and other informal sector participants to access retirement savings.
Oloworaran also clarified that the Nigeria Police Force had not exited the Contributory Pension Scheme, contrary to public perception.
She explained that police personnel’s concerns were mainly about disparities between their retirement benefits and those of members of the Armed Forces.
“The police have not exited the Contributory Pension Scheme. They want to exit because they believe their benefits are too small.
”They compare their benefits with those of the military and are not happy with that. They want to be at par with the military,” she said.
The PenCom director-general said the commission was engaging relevant authorities to address the concerns of police officers through improved pension benefits.
“We share their frustration because we stand for anything that puts more money in the pockets of ordinary Nigerians.
”What they want is improved benefits. If we achieve that, it doesn’t matter whether it is done within the scheme or outside it.
”We are engaging the appropriate authorities on how police pensions can be reviewed and improved,” she added.
She acknowledged that views within the police were divided over the proposed withdrawal from the CPS, noting that many officers were primarily seeking better retirement packages.
“There are different camps within the police. Some are not fully aligned with what we are doing, but many simply want a better standard of living after retirement. That is exactly what PenCom is fighting for,” she said.
