Nigeria’s pension assets have surged by N10.78 trillion in less than two years, rising from N20.7 trillion in July 2024 to N31.48 trillion in June 2026.
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, disclosed this on Tuesday at PenCom’s 2026 Media Conference, themed “From Reform to Reality: Renewed Hope, Pension Security for Nigerians.”
She said the growth represented an increase of more than N10.7 trillion in pension assets in less than two years, adding that 938,229 Nigerians joined the pension scheme within the same period.
She hailed the reforms under President Bola Tinubu’s Renewed Hope Agenda for strengthening the pension industry and improving retirement security.
She added that the reforms are translating into tangible benefits for retirees through pension increases, payment of outstanding arrears, faster processing of retirement benefits and initiatives to expand access to pensions.
She stressed that pension assets would continue to be invested in ways that support economic development while protecting contributors’ long-term financial interests.
Oloworaran noted that many Nigerian households continued to face economic pressure but maintained that expanding pension coverage and improving retirement benefits remained essential to protecting workers and retirees.
PenCom Warns Employers, Urges Wider Coverage
She also disclosed that cumulative recoveries from employers who defaulted on pension contributions reached N36.6 billion as of July 2026.
“A deduction on a payslip that does not reach a retirement savings account is a breach of trust and a breach of the law, and I dare say a criminal offence at that,” Oloworaran said.
“Last year, recoveries from defaulting employers broke every record in the history of the scheme. This year, we already surpassed the record of last year.
“We will find what is owed, we will recover it, and we will hold those responsible to account,” she added.
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The commission reiterated its commitment to recovering outstanding pension contributions from defaulting employers and ensuring that workers’ deductions were credited to their retirement accounts.
Oloworaran called on state governments and private-sector employers to comply with pension regulations, remit contributions promptly and ensure that workers’ retirement benefits were protected.
She also urged young Nigerians to understand their pension arrangements, monitor their statements and ask questions about how their retirement savings were invested.
Hails Tinubu’s Pension Reforms
Oloworaran credited the Tinubu administration with addressing longstanding pension liabilities and introducing measures to improve the welfare of retirees.
She said the reforms had shifted the pension system from prolonged delays and unpaid obligations towards more timely payments and improved financial protection for pensioners.
“Governments are often remembered for what they promised, but statesmen are remembered for what they paid, what they delivered,” she said.
According to the PenCom chief, the administration had settled outstanding obligations, approved new benefits and introduced measures to reduce delays in pension administration.
She described Tinubu as a pro-worker and pro-retiree president, saying the administration had demonstrated a commitment to improving retirement security.
“He has settled obligations he did not create. He has approved new benefits where none existed,” she said.
“He has given retirees speed when there were delays, certainty when there was doubt, and dignity when there was neglect,” she added
241,000 Retirees Benefit From Pension Increase
The PenCom director-general disclosed that Pension Boost 1.0 increased monthly pensions for more than 241,000 retirees under the Contributory Pension Scheme.
She said aggregate monthly pension payments rose from N12.15 billion to N14.83 billion following the adjustment.
Oloworaran said the increase was part of efforts to improve the purchasing power of retirees and ensure they could better meet their basic needs.
She also announced a significant pension adjustment for retirees under the defunct Nigeria Social Insurance Trust Fund (NSITF), whose pensions had remained unchanged since 2005.
According to her, the adjustment resulted in a 1,173 per cent increase in pensions for the affected retirees, while N8.7 billion in outstanding arrears was paid in full.
She cited the case of a pensioner whose monthly payment reportedly increased from N18,000 to N206,000 following the intervention.
Oloworaran said the development marked a significant change for retirees who had waited years for an improvement in their pension payments.
FG Approves N758bn Intervention for Pension Liabilities
The PenCom boss said the Federal Government had approved a N758 billion intervention to address outstanding pension liabilities, some of which had remained unpaid since 2007.
She disclosed that payments under the intervention had reached 957,045 beneficiaries.
According to her, the initiative reflects the administration’s decision to settle obligations that had been carried over from previous governments.
She also said approved pension rights were being credited to the Retirement Savings Accounts of enrolled federal employees scheduled to retire up to December 2029.
Oloworaran urged eligible federal employees to complete their verification and enrolment before the exercise closes in December 2026.
Retirement Benefits Approval Reduced to 48 Hours
The commission also highlighted improvements in the processing of retirement benefits, saying the approval period had been reduced from as long as 21 months to 48 hours.
Oloworaran described the new timeline as a mandatory standard for pension administrators.
She said the commission had also introduced measures to ensure that eligible federal retirees began receiving their pensions as they retired, rather than waiting for prolonged periods after leaving service.
“Another reform is the exit benefit introduced on January 1, 2026, for eligible employees with at least 10 years of qualifying service.
“Under the initiative, eligible retirees receive an additional benefit equivalent to 100 per cent of their annual emoluments, alongside their normal pension benefits,” she added
The PenCom boss disclosed that the first batch of 175 retirees received approximately N1.1 million each under the scheme in August.
She described the benefit as an additional measure to support workers transitioning from active service into retirement.
Pension Industry Plans $250m Infrastructure Investment
Oloworaran also announced that the pension industry had endorsed a proposed $250 million infrastructure investment initiative.
The proposed investment comprises $200 million from pension fund operators and $50 million from a development finance institution.
She said the initiative would support productive investment in Nigeria while creating opportunities to improve retirement outcomes for contributors.
She added that investment decisions would be guided by rigorous project selection and safeguards to protect contributors’ interests.
Oloworaran further disclosed that the Pension Industry Leadership Council had approved an independent assessment of the maturity of Nigeria’s pension industry against international standards on September 24, 2026.
She said PenCom was also developing a Pension Transformation Agenda 2030 to establish priorities, measurable milestones and accountability mechanisms for the sector.
Set to Launch Two Initiatives in October
Oloworaran announced that PenCom, in the presence of President Bola Tinubu, will officially launch two initiatives, PenCare and the Minimum Pension Guarantee, aimed at improving retirement security during the National Pension Week scheduled for October 26–30, 2026.
She said PenCare would initially provide eligible retirees with access to essential healthcare at no cost, beginning with 13,000 beneficiaries, before being expanded in 2027.
“No Nigerian should retire into poverty, and no Nigerian should retire into poor health,” she said.
The Minimum Pension Guarantee, according to the commission, is designed to provide a minimum level of pension protection for eligible retirees, particularly those with limited retirement savings.
Oloworaran said the Minimum Pension Guarantee would give effect to a protection provided for retirees under pension legislation since 2014.
Both initiatives are expected to be launched during the National Pension Week, which will bring together stakeholders to discuss pension security, awareness and inclusion.
National Pension Week to Target Youths, SMEs
Oloworaran said the inaugural National Pension Week would be held under the theme, “Pension for All: Building a Secure Future Together.”
The five-day programme will feature youth engagement including an essay competition, an SME fair, activities for senior citizens, a national pension summit and a media briefing on the outcomes of the engagements.
PenCom said the programme was designed to increase pension awareness and expand participation beyond the formal sector.
PenCom also urged students and young Nigerians to enter the essay competition and encouraged business owners to participate in the SME fair by registering through the designated link www.npw.ng
PenCom Award Outstanding Journalists
Oloworaran further urged the media to continue holding the commission accountable and to inform Nigerians about their pension rights, the reforms being implemented and the benefits available to eligible contributors.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.