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 revealed that total pension assets have exceeded ₦25 trillion — a new milestone in the country’s pension administration.
PenCom’s Director-General, Ms. Omolola Oloworaran, disclosed this 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.
Oloworaran said the achievement reflects growing transparency and accountability within Nigeria’s pension system. “Presently, over 552,000 retirees 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 steady and reliable retirement benefits.”
She added that over 10 million Nigerians, including public servants, private employees, and the self-employed under the Micro Pension Plan, are currently covered by the CPS.
Oloworaran highlighted a series of ongoing reforms aimed at improving retirees’ welfare and strengthening the sustainability of the pension system. “The Commission has introduced free health insurance for retirees, starting with low-income categories, to ensure dignity and security beyond financial pensions,” she said.
According to her, PenCom has also enhanced prudential standards for Pension Fund Administrators (PFAs) and Custodians by implementing stricter capital and governance requirements. Under its “Pension Revolution 2.0” initiative, the Commission has launched five new regulatory frameworks, including whistle-blowing guidelines for pension assets and revised investment rules.
Oloworaran further disclosed that the Commission has developed a new enrolment application to ensure a seamless experience for the 2026 retiree enrolment exercise. She said PenCom is also working to diversify pension investments, extend coverage to informal sector workers, and strengthen welfare through additional health and gratuity buffers.
“Over the years, the Contributory Pension Scheme has rewritten Nigeria’s pension story,” she said. “We have moved from an era of unpaid entitlements and uncertainty to one anchored on transparency, sustainability, and inclusiveness.”
While commending progress under the CPS, the PenCom chief acknowledged that limited coverage and non-compliance by some states and employers remain persistent challenges.
The Yola workshop, held in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC), forms part of a nationwide campaign to deepen public awareness about the CPS and promote the welfare and dignity of Nigerian pensioners.
Earlier this week, PenCom signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover unremitted pension contributions from defaulting employers. The agreement outlines a framework for prompt disbursement of recovered funds into Retirement Savings Accounts (RSAs) and legal action against offenders — part of the Commission’s broader efforts to strengthen transparency and accountability in pension fund management.
