The Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, has praised President Bola Tinubu's administration for its efforts in improving the welfare and security of Nigerian retirees. Speaking at the 2026 National Pension Commission Media Conference in Lagos, Oloworaran stated that Tinubu's administration had made significant progress in delivering tangible reforms and benefits to retirees. She highlighted that the administration had settled inherited pension obligations, introduced new benefits, and accelerated payment of retirement benefits.
According to Oloworaran, Tinubu's administration has implemented several initiatives aimed at improving pension security for workers and retirees. One such initiative is Pension Boost 1.0, which increased the monthly pensions of over 241,000 retirees, resulting in a total monthly pension payment of N14.83 billion, up from N12.15 billion. Additionally, the administration reviewed the pensions of 2,116 retirees of the defunct Nigerian Social Insurance Trust Fund (NSITF), resulting in an average increase of 1,173 per cent.
The PenCom DG also revealed that the Federal Government's approval of N758 billion intervention to settle inherited pension liabilities had resulted in payments to 957,045 beneficiaries. She noted that the obligations, some of which date back to 2007, had been passed from one administration to another until the present administration decided to settle them. Furthermore, Oloworaran stated that approved pension rights were now being paid as and when due, with some paid ahead of time following a one-time verification and enrolment exercise.
Oloworaran highlighted that the commission's "zero waiting time" policy had ensured that Federal Government retirees began receiving their pensions upon retirement, rather than waiting for months. She noted that retirement benefits that previously took up to 21 months to approve were now approved within 48 hours for Federal Government workers. Additionally, the Federal Government had introduced an Exit Benefit Scheme for eligible employees of treasury-funded MDAs who had at least 10 years of qualifying service.
The PenCom DG also announced that the commission had expanded pension coverage through accredited pension agents targeting workers in the informal sector. She stated that the agents were taking the Personal Pension Plan to markets, motor parks, farms, and workshops toward enrolling traders, artisans, farmers, and transport workers. Furthermore, Oloworaran revealed that two additional initiatives would be unveiled during the National Pension Week scheduled for October 26 to October 30.
Oloworaran reported that pension assets had risen from N20.79 trillion in July 2024 to N31.48 trillion in July 2026, representing an increase of more than N10.7 trillion. She also noted that 938,229 Nigerians had joined the Contributory Pension Scheme (CPS) within the period. Additionally, Oloworaran warned employers against deducting pension contributions from workers' salaries without remitting them to their Retirement Savings Accounts.
The PenCom DG emphasized that the commission would continue to prioritize its responsibility to make the gains permanent through sound regulations, dependable administration, and measurable results that would benefit Nigerians. She also announced that the Pension Industry Leadership Council had approved an independent assessment of the maturity of Nigeria's pension industry against international standards. Furthermore, the commission was developing a Pension Transformation Agenda 2030, to establish clear priorities and measurable milestones for the industry.
Key points
- President Tinubu's administration has settled inherited pension obligations and introduced new benefits for retirees.
- The administration's initiatives have resulted in increased pension payments and improved pension security for workers and retirees.
- The National Pension Commission is expanding pension coverage through accredited pension agents targeting workers in the informal sector.
