Oloworaran unveils new digital enrolment system, promises zero-delay pension payments and improved retiree welfare…
The Director General of the National Pension Commission (PenCom), Omolola Oloworaran, says the commission is set to diversify pension asset investments to deliver better returns while deepening public confidence in Nigeria’s pension system.
Speaking on Wednesday in Abuja at a sensitisation workshop on the Contributory Pension Scheme (CPS) for employees and pension desk officers, Oloworaran said PenCom would also expand coverage, especially to millions of workers in the informal sector, and further enhance retiree welfare through initiatives such as health insurance and gratuity buffers.
The workshop, jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), was part of a nationwide sensitisation campaign across all six geo-political zones to strengthen understanding of the CPS and improve access to benefits.
Represented by Usman Musa, Director of the Contribution and Bond Redemption Department, Oloworaran said the commission was committed to strengthening governance and oversight in the pension industry and providing clarity on the upcoming 2026 retiree enrolment exercise.
She revealed that PenCom had developed a new, user-friendly enrolment application that would make the processing and payment of retirees’ benefits seamless and transparent.
“The Contributory Pension Scheme has rewritten Nigeria’s pension story, from years of unpaid entitlements to a transparent, sustainable, and inclusive system,” she said.
According to Oloworaran, more than 10 million Nigerians including public servants, private sector workers, and artisans under the Personal Pension Plan are currently covered by the CPS. Pension assets, she said, have grown to over ₦25 trillion, supporting national development through strategic investments, while over 844,000 retirees now enjoy regular pensions and lump-sum benefits.
She highlighted key reforms introduced under her leadership, including Pension Boost 1.0, which raised monthly pensions for over 241,000 retirees representing 80 percent of those under the Programmed Withdrawal scheme.
Monthly pension payments, Oloworaran added, have risen from ₦12.16 billion to ₦14.84 billion effective June 2025.
“Since July 2025, no retiree has waited to access their pension, payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance,” she noted.
Oloworaran also disclosed that the Federal Government had approved the issuance of ₦758 billion in bonds to clear long-standing pension arrears and increases dating back to 2007.
“This bold step by His Excellency, President Bola Ahmed Tinubu, deserves commendation as it will bring relief to vulnerable pensioners and restore confidence in our system,” she said.
She announced that beginning later this year, retirees in lower-income brackets would enjoy free health insurance, ensuring that pension benefits extend beyond financial support to guarantee dignity and well-being in retirement.
However, the PenCom boss acknowledged that challenges persist, particularly in coverage expansion and public perception, as some states and employers are yet to fully comply with the CPS.
“We cannot do it alone. The success of the Contributory Pension Scheme depends on collective effort, cooperation, and trust,” she told participants.
Oloworaran urged stakeholders to continue advocating for reforms and collaboration toward a future where every Nigerian worker retires with dignity and security.
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