PenCom DG Omolola Oloworaran says the commission will diversify investments, expand coverage, and boost retiree welfare as part of new pension reforms.
The National Pension Commission (PenCom) has announced plans to diversify pension asset investments to improve returns, restore public confidence, and expand coverage to millions of Nigerians especially those in the informal sector.
Speaking at a sensitisation workshop in Abuja on Wednesday, Director-General Ms. Omolola Oloworaran said the commission will also strengthen governance, improve oversight, and enhance retiree welfare through new initiatives, including health insurance and gratuity buffers.
The event, jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), was part of a nationwide campaign to deepen understanding of the Contributory Pension Scheme (CPS) among employees and pension desk officers.
Represented by Mr. Usman Musa, Director, Contribution and Bond Redemption Department, Oloworaran said the goal is to build trust and ensure every worker and pensioner can access their benefits “without delay or difficulty.”
New Enrolment Application
The PenCom chief revealed that a new enrolment application has been developed to make pension registration and processing more seamless and transparent, especially ahead of the 2026 retiree enrolment exercise.
Over the past two decades, she noted, the CPS has transformed Nigeria’s pension syste, moving from an era of unpaid entitlements to one defined by transparency, sustainability, and inclusion.
Today, the CPS covers over 10 million Nigerians, including artisans and self-employed individuals enrolled under the Micro Pension Plan.
Pension assets have grown to N25 trillion, funding national development projects and providing regular pensions to 552,000 retirees, as well as lump-sum benefits to another 291,735.
Interventions for Retirees
Oloworaran highlighted the Pension Boost 1.0 initiative, which increased monthly pensions for over 241,000 retirees (about 80% of those under Programmed Withdrawal).
Monthly pension payments have risen from N12.16 billion to N14.84 billion, effective June 2025.
She added that retirees now experience “zero waiting time” for their pensions, payments are made immediately after retirement, in line with salary releases from the Ministry of Finance.
PenCom has also secured approval for the issuance of N758 billion bonds to clear outstanding pension arrears dating back to 2007, a move she credited to President Bola Ahmed Tinubu for bringing “relief to vulnerable pensioners.”
Beginning later this year, the commission will roll out free health insurance for retirees, starting with those in lower-income brackets.
Coverage Gaps
Despite progress, Oloworaran admitted that coverage gaps remain, as several states and employers are yet to fully comply with the CPS. She called for stronger advocacy and stakeholder cooperation to sustain the system’s success.
“The CPS belongs to all of us,” she said. “Its success depends on our collective trust and commitment to ensure that every Nigerian worker can retire with dignity and peace of mind.”
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