The National Pension Commission (PenCom) has approved a massive upward review of monthly pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF). Announced on January 28, 2026, the enhancement raises the combined monthly payout for these beneficiaries from ₦12.56 million to ₦159.95 million.
This historic adjustment represents a 1,173 percent increase, marking the first time in 21 years that NSITF pension rates have been reviewed to reflect current economic realities and the national minimum wage.
The Director-General of PenCom, Omolola Oloworaran, confirmed that the commission also authorized the payment of ₦8.70 billion in arrears to the affected retirees. On average, each beneficiary received approximately ₦3 million in back-pay.
In one extreme instance, a retiree’s monthly stipend was adjusted from ₦18,000 to over ₦206,000, accompanied by an ₦8 million arrears settlement. This intervention was made possible by the growth of the NSITF Fund, which expanded from ₦54 billion in 2005 to ₦195 billion by December 2025 under strict regulatory oversight.
To streamline future processes, PenCom has also deployed the “VerifyMe” digital solution, an automated revalidation system that eliminates the need for elderly pensioners to undergo rigorous physical verification.
This digital shift is part of a broader “Pension Boost” strategy aimed at ensuring that pension benefits under the Contributory Pension Scheme and legacy funds are indexed against inflation. By invoking Section 53 of the Pension Reform Act 2014, the commission has signaled its intent to strictly enforce periodic reviews, ensuring that no retiree is left with “starvation-level” benefits in a changing economy.
 has approved a massive upward review of monthly pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF). Announced on January 28, 2026, the enhancement raises the combined monthly payout for these beneficiaries from ₦12.56 million to ₦159.95 million.){kind=link}