Director-General of National Pension Commission (NPC), Ms Omolola Oloworaran has disclosed that the pension reforms embarked upon by the Bola Tinubu-led government at the centre have restored confidence in the nation’s retirement system.
According to her, pension assets rose to ₦31.48 trillion while over 938,000 new contributors joined the scheme in the last two years.
Speaking at a Meet the Press Forum at the State House on Tuesday, Oloworaran stated that the administration’s interventions have transformed pension reform into “an instrument of justice, an instrument of dignity, and an instrument of economic opportunity.”
She stressed that government’s reforms have put more money in retirees’ pockets, resolved long-standing liabilities, and strengthened the Contributory Pension Scheme.
The PenCom Boss listed the key measures to include ₦758 billion pension bond, pension boost that raised monthly payouts, and a ₦32,000 consequential adjustment for eligible retirees of treasury-funded MDAs.
Oloworaran added that the first review of NSITF pensions in 21 years lifted some pensioners’ monthly payments from ₦18,000 to ₦206,000, with arrears fully paid.
She said: “The dignity of work must be matched by dignity in retirement,” adding that government’s record has made the case for President Tinubu to become a pro-worker, pro-retiree leader.
According to her, pension assets increased from ₦20.79 trillion to ₦31.48 trillion within 24 months, a rise of more than ₦10.7 trillion while 938,229 new contributors joined the scheme during the period, widening retirement security across the country.
Oloworaran also said monthly pension payouts under Pension Boost 1.0 rose by 22 per cent, from ₦12.2 billion to ₦14.9 billion, while the new minimum wage adjustment ensured retirees were not left behind.
The PenCom DG described the ₦758 billion Federal Government pension bond as one of the most consequential interventions in Nigeria’s pension history, saying it settled obligations dating back to 2007 and covered 957,045 Nigerians.
She added that accrued pension rights had moved from 21 months in arrears to a 41-month surplus, calling it a “complete reversal.”
Oloworaran projected that PenCom would roll out the Minimum Pension Guarantee and PenCare — a healthcare support scheme for vulnerable retirees — within three months. She also announced plans for a Personal Pension Plan for informal workers and a pension agent network to deepen access nationwide.
“The most patient capital in Nigeria should work for Nigeria,” she said, noting that PenCom is also exploring investment frameworks that can channel pension funds into roads, ports, power, healthcare, education, and agriculture.
She also assured Nigerians that they should begin to see tangible results from efforts to expand pension coverage to informal workers within the next two to three years, even as the commission continues to build the digital and regulatory foundations needed to reach millions outside the formal system.
According to her, PenCom is prioritising simplified onboarding, digitised processes and licensed pension agents to extend retirement savings access to market women, artisans, transport workers and other informal sector participants.
She disclosed that the commission is working to secure enhanced retirement benefits for officers and men of the Nigeria Police Force rather than support their exit from the scheme.
Oloworaran said the police had not withdrawn from the Contributory Pension Scheme (CPS), contrary to widespread public perception, stressing that their grievance centred on the disparity between their retirement benefits and those enjoyed by members of the Armed Forces.
According to her, PenCom had opened discussions with relevant government authorities to address the concerns of police personnel through improved pension benefits.
Her words: “The police have not exited the Contributory Pension Scheme. They want to exit because they believe their benefits are too small. They compare their benefits with those of the military and are not happy with that. They want to be at par with the military.”
PenCom, she explained, fully understands the concerns raised by police officers and supports efforts to improve their welfare.
“We share their frustration because we stand for anything that puts more money in the pockets of ordinary Nigerians. What they want is improved benefits. If we achieve that, it doesn’t matter whether it is done within the scheme or outside it. We are engaging the appropriate authorities on how police pensions can be reviewed and improved.”
Oloworaran acknowledged that opinions within the Force differed over the proposed withdrawal from the CPS, noting that while some groups continued to advocate an exit, many officers were primarily interested in obtaining better retirement packages.
“There are different camps within the police. Some are not fully aligned with what we are doing, but many simply want a better standard of living after retirement. That is exactly what PenCom is fighting for.”
Deji Elumoye
