The National Pension Commission (PenCom) has significantly increased pensions under the National Social Insurance Trust Fund (NSITF) scheme by an unprecedented 1,173 percent, while also paying N8.70 billion in arrears to 2,116 retirees.
The move is aimed at improving the welfare of pensioners and ensuring that retirees receive the benefits owed to them under the contributory pension scheme. The increase represents one of the largest adjustments in NSITF pension history, reflecting efforts to address long-standing gaps and improve the standard of living for retired workers.
PenCom’s action is expected to positively impact retirees’ financial security, while reinforcing confidence in Nigeria’s pension system. Beneficiaries have expressed relief and appreciation for the timely payment of both the arrears and the enhanced monthly pensions.
Officials stated that the increase is part of a broader strategy to ensure retirees enjoy their entitlements fully, as the Commission continues to modernize pension administration and strengthen compliance across public and private sector schemes
