Over one million retirees and contributors benefit from Tinubu-approved CPS intervention…
The National Pension Commission (PenCom) has announced that the Federal Government has so far disbursed more than N577 billion from the N758 billion approved by President Bola Tinubu to settle outstanding pension liabilities under the Contributory Pension Scheme (CPS).
The disclosure was made on Tuesday in Abuja by PenCom Director-General, Omolola Oloworaran, during the 2025 Pension Revolution Summit.
President Tinubu had, on February 4, approved the N758 billion intervention to clear long-standing pension obligations owed to federal workers and retirees nationwide.
Oloworaran explained that the funds were released to address pension increases, contribution shortfalls and other legacy liabilities accumulated under the CPS.
According to her, N757.9 billion has been released so far, with N387 billion allocated specifically for pension increases.
She said N362.7 billion from the pension increase component has already been paid to over 9.1 million retirees, while the outstanding balance of approximately N24.7 billion is currently undergoing processing.
The PenCom boss also disclosed that N107 billion was remitted to cover the Federal Government’s 2.5 per cent pension contribution shortfall between 2017 and 2021, benefiting about 750,223 Retirement Savings Account (RSA) holders.
In addition, funds were deployed to support the Pension Protection Fund and the Minimum Pension Guarantee, which provide safety nets for vulnerable retirees.
“In total, N577.5 billion has already hit the RSAs of retirees and contributors, impacting over 1.05 million accounts,” Oloworaran said.
She described the intervention as a major milestone in rebuilding trust in Nigeria’s pension system and reaffirming the Federal Government’s commitment to meeting its obligations to workers and retirees.
PenCom marks first year with sweeping reforms
Reflecting on her first year in office, Oloworaran said the Commission rolled out Pension Reform 2.0, a comprehensive agenda focused on governance reforms, tighter supervision, digital transformation and industry realignment.
She noted that the reforms have delivered tangible results, including improved pension payments, stronger compliance by employers and enhanced retiree welfare.
Oloworaran revealed that the launch of “Pension Boost 2.0” has increased monthly pension payments to CPS retirees by N2.68 billion since June.
“These are not just numbers. They are meals on tables, rents paid, debts settled and dignity preserved,” she said.
Technology, healthcare and compliance drive
On technology adoption, the PenCom DG said the Commission has automated key processes such as pension clearance certificates, benefit processing and contribution remittance platforms, significantly improving efficiency.
She also announced the inauguration of the Board of Trustees of the Pension Healthcare Initiative (PenCare), a scheme designed to provide affordable healthcare for low-income retirees.
On enforcement, Oloworaran said recoveries of unremitted pension funds rose sharply to N4.04 billion between January and November 2025, compared to N1.44 billion recovered throughout 2024.
She added that N2.06 billion was recovered in the third quarter of 2025 alone, matching the total recovery recorded in the entire previous year.
“Retirement security is not a privilege; it is a right, and PenCom will defend it,” she said.
Oloworaran assured that the Commission would continue to expand pension coverage, strengthen governance and protect the interests of retirees and contributors, stressing that innovation, service excellence and accountability remain non-negotiable for pension operators.
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