Finance | Pensions
Key points
- PenCom says pension benefit approvals now take 48 hours instead of up to 21 months.
- The commission recovered more than N36 billion in unremitted pension contributions in two years.
- Pension assets increased by 51 per cent to N31.48 trillion.
- PenCom plans to launch the Minimum Pension Guarantee and PenCare within three months.
Main story
The National Pension Commission (PenCom) says pension benefit approvals that previously took as long as 21 months are now completed within 48 hours following reforms introduced to improve service delivery across Nigeria’s pension system.
Director-General of PenCom, Omolola Oloworaran, announced the development during the State House Meet the Press briefing in Abuja, saying the 48-hour processing period is now a mandatory service standard for all Pension Fund Administrators (PFAs).
She said the reforms have also improved compliance with pension remittances, with recoveries of unremitted contributions exceeding N36 billion over the past two years, surpassing the N28 billion recovered during the previous period.
Oloworaran disclosed that the commission would introduce the Minimum Pension Guarantee and PenCare within the next three months to strengthen retirement security and healthcare support for pensioners.
According to her, the Minimum Pension Guarantee will establish a guaranteed income floor for retirees, while PenCare will provide free healthcare for vulnerable pensioners.
She described the Federal Government’s N758 billion Pension Bond as a landmark intervention that cleared pension liabilities dating back to 2007 and benefited more than 957,000 retirees by eliminating long-standing arrears.
The PenCom chief also revealed plans to establish a nationwide network of Accredited Pension Agents to expand pension coverage, improve access to services and create employment opportunities.
She added that the commission was developing new investment frameworks that would allow pension assets to support infrastructure projects in sectors such as roads, power, healthcare, education and agriculture while safeguarding contributors’ funds.
Oloworaran said pension assets had grown from N20.79 trillion to N31.48 trillion within two years, while an additional 938,229 Nigerians joined the Contributory Pension Scheme during the same period.
The issues
Nigeria’s pension system has faced persistent concerns over delays in benefit payments, unremitted employer contributions and limited pension coverage. The latest reforms are intended to improve service delivery, strengthen compliance and expand retirement protection.
What’s being said
“Benefits that once took months are now approved within 48 hours—not as a target, but as a mandate binding every Pension Fund Administrator.” — Omolola Oloworaran, Director-General, PenCom
What’s next
PenCom plans to roll out the Minimum Pension Guarantee and PenCare within three months while expanding pension coverage through Accredited Pension Agents and new investment initiatives.
Bottom line
PenCom says faster benefit approvals, stronger compliance and expanded social protection measures are reshaping Nigeria’s pension system and improving retirement security for millions of contributors.
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