Nigeria’s Monthly Pension Payments Rise to ?14.8bn Under PenCom’s Pension Boost 1.0

The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, on Thursday disclosed that monthly pension payments surged to ?14.837 billion in June 2025, under the Commission’s Pension Boost 1.0 initiative.

Oloworaran made the announcement in Abuja during a Stakeholders’ Conference jointly convened by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), focused on deepening understanding of the Contributory Pension Scheme (CPS).

She explained that the programme has enhanced benefits for more than 241,000 retirees, representing 80% of those under Programmed Withdrawal, with monthly pensions climbing from ?12.157 billion to ?14.837 billion.

Pension Update

Represented by PenCom’s Acting Commissioner, Technical, Hon. Hafiz Kawu Ibrahim, Oloworaran outlined key milestones of the scheme:

• Over 10 million Nigerians—from civil servants to private sector employees, artisans, and self-employed contributors under the Personal Pension Plan—are now covered by the CPS.
• Pension assets have grown beyond ?25 trillion, fueling national development through strategic investments.
• More than 552,000 retirees currently receive regular monthly pensions, while another 291,735 retirees have been paid lump sum benefits.
• In total, 844,000 retirees across both public and private sectors are benefiting from transparent and reliable retirement payments.

She added that PenCom has tightened oversight by revising minimum capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians to guarantee financial stability and better service delivery.

Pension Revolution 2.0

Under its Pension Revolution 2.0 framework, PenCom has introduced five new regulations:

1.     Whistleblowing Guidelines for Pension Fund Assets

2.     Revised Regulation on Investment of Pension Fund Assets

3.     Framework for Accredited Pension Agents under the Personal Pension Plan

4.     Guidelines for the Personal Pension Plan

5.     Circular on Revised Minimum Capital Requirements for PFAs and PFCs, alongside the introduction of free health insurance for retirees

Challenges and Next Steps

Despite progress, Oloworaran acknowledged that challenges remain—particularly in expanding coverage and ensuring compliance by states and employers.

“Public skepticism, often shaped by painful experiences of the past, continues to undermine trust in the system,” she admitted.

To address this, PenCom will launch nationwide sensitization workshops across all six geopolitical zones to ensure federal employees and retirees understand how to access their CPS benefits.

The DG also pledged to diversify pension fund investments, expand informal sector coverage, and strengthen governance frameworks.

Stakeholders’ Reactions

• Ekpo U. O. Nta, Esq., Chairman of the NSIWC, stressed that sound pension administration is directly linked to workplace productivity and national stability.
• Comrade Sylva Nwaiwu, Chairman of the Nigerian Union of Pensioners, urged policymakers to review aspects of the CPS that have made it unpopular, calling for the political will to guarantee fair and impartial implementation.

Backstory

In June 2025, Nairametrics reported that PenCom launched Pension Boost 1.0, raising total monthly disbursements from ?8.3 billion to ?11.9 billion. The initiative, driven by robust RSA investment performance and economic reforms under President Bola Ahmed Tinubu’s administration, uses PenCom’s Standard Pension Enhancement Template, which ties benefit adjustments to returns on pension fund investments.

With the latest increase, PenCom says it remains committed to ensuring Nigerian retirees enjoy steady, reliable, and improved pensions.