The National Pension Commission (PenCom) has announced that monthly pension payments under the Contributory Pension Scheme (CPS) climbed to N14.837 billion in June 2025, following the rollout of its Pension Boost 1.0 initiative.
Director-General Ms. Omolola Oloworaran, represented by PenCom’s Acting Commissioner (Technical), Hon. Hafiz Kawu Ibrahim, disclosed this in Abuja at a joint Stakeholders’ Conference with the National Salaries, Incomes and Wages Commission (NSIWC).
According to her, the initiative has enhanced pensions for over 241,000 retirees, covering nearly 80% of those under Programmed Withdrawal. In total, more than 844,000 retirees across public and private sectors now receive reliable monthly pensions and lump sum benefits.
Oloworaran noted that pension assets have grown beyond N25 trillion, funding critical national development projects while ensuring consistent payments to retirees. She added that PenCom has tightened minimum capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians to boost financial stability and technology adoption.
To strengthen transparency and expand coverage, the Commission unveiled new guidelines under its Pension Revolution 2.0, including whistle-blowing rules, revised investment regulations, accredited agents for the Personal Pension Plan, and free health insurance for retirees.
Despite these strides, the PenCom DG admitted that challenges remain. Many states and employers still fail to fully comply with the CPS, while skepticism—shaped by past pension mismanagement—continues to affect public trust.
PenCom has pledged to embark on nationwide sensitisation workshops across all six geopolitical zones to improve understanding of the scheme and bring more Nigerians, especially those in the informal sector, under the safety net.
Stakeholders, including the Chairman of NSIWC, Ekpo U.O. Nta, and the Nigerian Union of Pensioners, urged government to ensure political will and impartial implementation of the CPS to restore confidence and secure the future of workers.
