The Nigerian Pension Commission has disclosed that only 17 states are fully implementing the Contributory Pension Scheme, while 12 states have not commenced the programme at all. Seven others, the Commission said, are currently at various stages of establishing their pension bureaus.
Speaking at the Second Run 2025 Consultative Forum for States and the FCT in Benin City, the Director General of the Commission, Ms. Omolola Oloworaran, noted that the micro-pension plan for informal sector workers is being redesigned and rebranded as the Personal Pension Plan to accommodate millions of Nigerians outside the formal workforce.
Oloworaran, represented by the Commissioner in charge of Inspectorate, Samuel Uwandu, praised President Bola Tinubu for approving a ₦758 billion bond through the Federal Executive Council to settle legacy pension liabilities, including accrued rights, pension increases and the minimum pension guarantee.
“Today, under the CPS, that promise is being kept for over 10.9 million workers at the Federal, State and Private Sector levels, with pension assets now topping ₦26 trillion,” she said. “But our mission as an industry is not complete. The success of this national reform rests on its implementation in every state, local government, and across the informal sector.”
She highlighted reforms completed within her first year in office, including the timely payment of accrued pension rights, plans to reintroduce gratuity payments for federal civil servants under the CPS, and the introduction of a new Pension Contribution Remittance System designed to eliminate delays and errors in pension remittances.
The DG emphasised that the effectiveness of Nigeria’s pension reforms depends heavily on adoption by sub-national governments, commending states that have enacted relevant laws and commenced remittances.
In a presentation on new developments in the industry, the Acting Head of Corporate Communications, Ibrahim Buwai, said the pension scheme for informal sector workers provides a flexible structure that allows contributors to save for retirement at their own pace.
Declaring the two-day forum open, Edo State Governor Monday Okpebholo, represented by Secretary to the State Government Musa Ikhilor, said his administration supports the contributory pension scheme. He added that the state is awaiting a detailed report on its pension structure and is ready to implement its recommendations.
