By Chesa Chesa
The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, says the Federal Government has undertaken the most significant pension reforms in Nigeria’s recent history over the past two years, citing higher pensions, faster benefit payments, expanded pension coverage and the clearance of long-standing pension liabilities.
Speaking at a State House press briefing in Abuja on Monday to mark her second anniversary in office, Oloworaran said the administration of President Bola Ahmed Tinubu had transformed retirement security through a series of landmark interventions that have restored confidence in the nation’s pension system.
She argued that the administration’s record demonstrated a consistent commitment to improving the welfare of workers and retirees.
“A compelling case was emerging that President Bola Ahmed Tinubu may well prove to be one of the most pro-worker, pro-retiree Presidents in Nigeria’s history,” she said, adding that after 24 months in office, “that case is no longer emerging. It is on the record.”
According to the PenCom boss, pension assets have risen from ₦20.79 trillion to ₦31.48 trillion, representing an increase of more than ₦10.7 trillion, or 51 per cent, within two years.
She also disclosed that 938,229 new contributors had joined the Contributory Pension Scheme during the period, expanding retirement protection to more Nigerians.
Oloworaran said one of the administration’s major achievements was the implementation of Pension Boost 1.0, which increased aggregate monthly pension payments by 22 per cent, from ₦12.2 billion to ₦14.9 billion.
She added that the Federal Government also approved a ₦32,000 monthly consequential adjustment for eligible pensioners of treasury-funded Ministries, Departments and Agencies (MDAs) who retired on or before July 29, 2024, following the implementation of the new national minimum wage.
The PenCom DG described the recent review of pensions under the Nigeria Social Insurance Trust Fund (NSITF) as another landmark achievement, noting that it was the first adjustment in 21 years.
She cited the example of a retiree whose monthly pension rose from ₦18,000 to ₦206,000, with all outstanding arrears fully paid.
“For twenty-one years, NSITF pensioners waited for a review. Today, that retiree who received ₦18,000 a month receives ₦206,000—an increase of more than 1,000 per cent,” she said.
According to her, the combination of the pension boost, the consequential adjustment and the NSITF pension review represents the largest increase in pension payments since the introduction of the Contributory Pension Scheme.
Oloworaran also announced improvements in service delivery, revealing that retirement benefit approvals, which previously took several months, are now completed within 48 hours as a mandatory standard for Pension Fund Administrators.
She said PenCom had equally intensified enforcement against employers who fail to remit pension deductions, resulting in a 28 per cent increase in compliance.
The Commission, she added, recovered more than ₦36 billion in outstanding pension contributions within the last two years, exceeding the ₦28 billion recovered during all previous years combined.
