The National Pension Commission (PenCom) has completed pension payments for all retirees who exited service in November, signalling the end of delays for treasury-funded Ministries, Departments, and Agencies (MDAs).
Head of Corporate Communications at PenCom, Mr. Ibrahim Buwai, told the News Agency of Nigeria (NAN) that reforms and strengthened remittance processes have ensured retirees receive their accrued benefits on time. He added that pensions for December retirees will be paid before the 15th, allowing them to access funds ahead of the festive season.
Buwai attributed the improvement to ongoing pension reforms and the Federal Government’s release of N758 billion in bond proceeds, which helped clear long-standing liabilities, including arrears dating back to 2007. He said the measures show PenCom’s commitment to protecting retirees’ welfare and maintaining trust in Nigeria’s pension system.
The Commission is also stepping up action against employers who fail to remit workers’ pension contributions. A recent MoU with the ICPC empowers the commission to recover unremitted funds, credit them into Retirement Savings Accounts (RSAs), and hold defaulting employers accountable under the law.
PenCom says over 552,000 retirees now receive regular monthly pensions under the Contributory Pension Scheme (CPS), and total pension assets have surpassed N25 trillion, highlighting the sector’s growing contribution to national development. Director-General Ms. Omolola Oloworaran shared the update during a CPS workshop in Yola for employees and pensioners in the North-East.
The latest developments point to a more predictable and transparent pension landscape, reinforcing confidence among retirees, employers, and investors in Nigeria’s contributory pension system.
 has completed pension payments for all retirees who exited service in November, signalling the end of delays for treasury-funded Ministries, Departments, and Agencies (MDAs).){kind=link}