The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has disclosed that monthly pension disbursements climbed to ₦14.837 billion in June 2025 under the Commission’s Pension Boost 1.0 initiative.
Speaking in Abuja at a Stakeholders’ Conference jointly organized by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), Oloworaran explained that the initiative has enhanced pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly payouts, she said, increased from ₦12.157 billion to ₦14.837 billion effective June 2025.
Represented by PenCom’s Acting Commissioner (Technical), Hon. Hafiz Kawu Ibrahim, the DG highlighted that the Contributory Pension Scheme (CPS) now covers more than 10 million Nigerians—including public servants, private sector workers, artisans, and self-employed individuals under the Personal Pension Plan.
According to her, pension assets have grown to over ₦25 trillion, fueling national development through strategic investments, while providing regular monthly pensions to more than 552,000 retirees and lump-sum benefits to 291,735 others.
“In total, more than 844,000 retirees across public and private sectors now enjoy steady, reliable, and transparent retirement benefits,” she noted.
To strengthen the system, Oloworaran revealed that PenCom has revised minimum capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians. She also unveiled five fresh regulations under the Pension Revolution 2.0 initiative, including:
- Whistle-Blowing Guidelines for Pension Fund Assets
- Revised Regulation on Investment of Pension Fund Assets
- Framework for Accredited Pension Agents under the Personal Pension Plan
- Circular on Revised Minimum Capital Requirements for PFAs and PFCs
- Introduction of Free Health Insurance for Retirees
She admitted, however, that challenges persist—particularly limited coverage expansion and incomplete compliance by some states and employers. Public skepticism, she added, remains an obstacle due to past negative experiences with pension administration.
To address this, PenCom plans nationwide sensitization workshops across the six geopolitical zones and will diversify pension asset investments to improve returns, while strengthening governance and expanding coverage in the informal sector.
Also speaking, the Chairman of NSIWC, Ekpo U. O. Nta, emphasized that effective pension administration is directly tied to organizational productivity and stability. Meanwhile, Comrade Sylva Nwaiwu, Chairman of the Nigerian Union of Pensioners, urged authorities to review unpopular policies affecting the CPS and demonstrate political will in its impartial implementation.
In June 2025, PenCom launched Pension Boost 1.0, raising monthly pension disbursements from ₦8.3 billion to ₦11.9 billion. The DG described the initiative as a milestone driven by robust RSA investment performance and key economic reforms under President Bola Tinubu’s administration.
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