The Director General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, on Wednesday, declared that the country’s pension assets under the Contributory Pension Scheme (CPS) valued at over N26 trillion is currently fueling economic development.
She said the CPS represented more than a change in retirement policy, and demonstrates a shift in national consciousness, signaling a decisive break from past dependencies on state-provided old-age financial security to a new culture of retirement savings and forward planning.
The PenCom DG spoke in Benin City, Edo State, at the Second Run of the 2025 Consultative Forum for States and the FCT.
She noted that the scheme, covering 10.9 million workers at the federal, state and private sector levels, established a contract between the worker and the employer, with the assurance that a lifetime of labour would be rewarded with financial security in old age.
Represented by PenCom Commissioner Inspectorate, Chief Samuel Chigozie Uwandu, Oloworaran, commended states that have made significant progress by enacting pensions laws and commencing contribution remittances for their workers.
She said, “But our mission as an industry is not complete. The success of this national reform rests on its implementation in every state, local government, and across the informal sector. This forum is the engine of that collaboration.
“This November marks one year since I assumed office as Director General of the National Pension Commission.
“It has been a year of deliberate reform, focused on strengthening governance and expanding the value of the pension system for all Nigerians.”
Highlighting some key milestones under her watch, the PenCom DG noted that together with her team, the timely payment of Accrued Pension Rights had been achieved, including a landmark increase in monthly pensions for
retirees as well as the National Executive Council (NEC)’s approval of a N758 billion
bond to settle legacy pension liabilities such as accrued rights, pension increases and minimum pension guarantee, among others.
She said, “The success of Nigeria’s pension system depends on the extent to which the sub-national governments embrace the full implementation of the CPS/CDBS.
“To those still on this journey, we affirm: PenCom is your partner. We provide technical assistance and policy guidance because because we believe that pension reform is not a Federal agenda, it is a national imperative.
“Every reform we enact, every pension liability we clear, is a step toward one unifying goal; to make a dignified retirement not just a hope, but a guarantee to the teaming Nigerian workers.
“I therefore, call on every state government, pension bureau, and social partner here today, to join us in advancing the goals of pension revolution 2.0.”
She said stakeholders must work together to make the CPS a springboard toward a future where every retiree lives with financial security and dignity, fueling a broader wave of economic resilience and national renewal.
James Emejo
About the Author
