Oloworaran Reveals Pension Assets Surged by N10.7tn in 2 Years as Confidence Returns

• Says reform ended injustice, lifts retiree pay by over 1,000%, discloses retiree earning N18,000 monthly now receives N206,000 after first NSITF review in 21 years 

•Pension assets rise 51% to N31.48tn as 938,229 Nigerians join contributory scheme

Director General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, yesterday declared that total pension assets surged by over N10.7 trillion within two years of her stewardship, adding that confidence has returned to the pension industry.

She added that historic reforms had also ended decades of pension injustices that had left many retirees impoverished.

She spoke while presenting the scorecard of the commission at the State House to mark two years of pension reforms under President Bola Tinubu’s administration.

Oloworaran said pension assets expanded by 51 per cent, rising from N20.79 trillion to N31.48 trillion, describing the growth as evidence that contributors once again trust the country’s retirement system.

She said the renewed confidence had also attracted 938,229 new contributors into the Contributory Pension Scheme (CPS), extending retirement security to more Nigerians.

According to her, “Let me say plainly what those numbers mean confidence is back.”

PenCom boss recalled the story of a retired factory worker whose monthly pension remained stagnant at N18,000 for 21 years, but now receives N206,000 monthly following the first review of pensions under the Nigeria Social Insurance Trust Fund (NSITF) in over two decades.

She said the increase, exceeding 1,000 per cent, together with full payment of accumulated arrears, represented the restoration of dignity rather than mere statistics.

According to her, “For 21 years, that alert read N18,000. This month, it read N206,000. He did not win a lottery. What changed was simple: his country decided to keep its promise.”

Oloworaran said the administration’s pension reforms had produced what she described as the largest increase in pension payments since the introduction of the CPS.

She noted that monthly pension payouts under Pension Boost 1.0 rose by 22 per cent, from N12.2 billion to N14.9 billion, while more than 100,000 retirees from treasury-funded Ministries, Departments and Agencies (MDAs) also benefited from the ₦32,000 consequential adjustment introduced after the new national minimum wage.

She added that the combination of the pension boost, consequential adjustment and NSITF review translated into “the most money in the hands of pensioners in the history of the Contributory Pension Scheme.”

Besides pension increase, Oloworaran said PenCom had transformed service delivery, reducing retirement benefit approvals from several months to 48 hours, a timeline now binding on all Pension Fund Administrators.

She also disclosed that the commission strengthened enforcement against defaulting employers, leading to a 28 per cent improvement in compliance and the recovery of over N36 billion in unremitted pension contributions within two years, compared to N28 billion recovered in all previous years combined.

She revealed that mandatory pension clearance now cuts across the public sector, with support from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), while a Presidential Executive Order to deepen compliance is underway.

The PenCom DG also highlighted the N758 billion Federal Government Pension Bond, describing it as one of the most consequential interventions in Nigeria’s pension history.

According to her, the bond settled outstanding pension obligations dating back to 2007, benefiting 957,045 Nigerians and moving accrued pension rights from 21 months in arrears to a 41-month surplus.

She said the intervention restored trust in government’s commitment to honour obligations to retirees.

Looking ahead, Oloworaran announced that within the next three months, PenCom would launch the Minimum Pension Guarantee and PenCare, a healthcare programme targeted at vulnerable retirees.

She said the commission would also deepen pension inclusion through the Personal Pension Plan, aimed at bringing millions of informal sector workers—including market women, artisans, transport operators and farmers—into the pension system through flexible contributions and digital onboarding.

The DG further unveiled plans for Pension Revolution 2.0, under which pension funds would increasingly support bankable investments in roads, ports, power, healthcare, education and agriculture, while maintaining adequate protection for contributors’ savings.

“This is not simply pension reform. It is nation-building through pension reform,” she added.

Oloworaran stated that the administration’s interventions have transformed pension reform into “an instrument of justice, an instrument of dignity, and an instrument of economic opportunity.”

She stressed that government’s reforms have put more money in retirees’ pockets, resolved long-standing liabilities, and strengthened the Contributory Pension Scheme.

She said, “The dignity of work must be matched by dignity in retirement,” adding that government’s record has made the case for President Tinubu to become a pro-worker, pro-retiree leader.

Oloworaran also said monthly pension payouts under Pension Boost 1.0 rose by 22 per cent, from ₦12.2 billion to ₦14.9 billion, while the new minimum wage adjustment ensured retirees were not left behind.

The PenCom DG described the ₦758 billion Federal Government pension bond as one of the most consequential interventions in Nigeria’s pension history, saying it settled obligations dating back to 2007 and covered 957,045 Nigerians.

She added that accrued pension rights had moved from 21 months in arrears to a 41-month surplus, calling it a “complete reversal.”

Oloworaran projected that PenCom would roll out the Minimum Pension Guarantee and PenCare — a healthcare support scheme for vulnerable retirees — within three months. She also announced plans for a Personal Pension Plan for informal workers and a pension agent network to deepen access nationwide.

She said, “The most patient capital in Nigeria should work for Nigeria,” she said, noting that PenCom is also exploring investment frameworks that can channel pension funds into roads, ports, power, healthcare, education, and agriculture.

She also assured Nigerians that they should begin to see tangible results from efforts to expand pension coverage to informal workers within the next two to three years, even as the commission continues to build the digital and regulatory foundations needed to reach millions outside the formal system.

According to her, PenCom is prioritising simplified onboarding, digitised processes and licensed pension agents to extend retirement savings access to market women, artisans, transport workers and other informal sector participants.

She disclosed that the commission is working to secure enhanced retirement benefits for officers and men of the Nigeria Police Force rather than support their exit from the scheme.

Oloworaran said the police had not withdrawn from the Contributory Pension Scheme (CPS), contrary to widespread public perception, stressing that their grievance centred on the disparity between their retirement benefits and those enjoyed by members of the Armed Forces.

According to her, PenCom had opened discussions with relevant government authorities to address the concerns of police personnel through improved pension benefits.

Her words: “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.”

PenCom, she explained, fully understands the concerns raised by police officers and supports efforts to improve their welfare.

“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.”

Oloworaran acknowledged that opinions within the Force differed over the proposed withdrawal from the CPS, noting that while some groups continued to advocate an exit, many officers were primarily interested in obtaining 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.”