Nigeria’s pension assets hit over N25trn – PenCom DG

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran has revealed that Nigeria’s pension assets have now grown over N25 trillion, fueling national development through strategic investments. Speaking on Friday at a Sensitization Workshop on the Workings of the Contributory Pension Scheme (CPS) for pensioners from across the North-West geopolitical zone, held […]

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran has revealed that Nigeria’s pension assets have now grown over N25 trillion, fueling national development through strategic investments.

Speaking on Friday at a Sensitization Workshop on the Workings of the Contributory Pension Scheme (CPS) for pensioners from across the North-West geopolitical zone, held in Kano State, Oloworaran said the event marked a continuation of the national conversation on protecting the dignity and future of Nigerian workers and retirees.

The workshop, jointly organized by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), drew participants from pension operators, civil servants, organized labour and the media.

Oloworaran, who was represented by the Commissioner, Technical, National Pension Commission, Hafiz Kawu Ibrahim, noted that the Contributory Pension Scheme, introduced two decades ago, has “rewritten Nigeria’s pension story,” moving the country from an era of unpaid entitlements to a transparent and sustainable system.

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“Today, more than 10 million Nigerians from public and private sectors including artisans and the self-employed under the Personal Pension Plan are covered under the CPS,” she said.

She disclosed that Nigeria’s pension assets have now grown to over N25 trillion, fueling national development through strategic investments.

According to her, more than 552,000 retirees currently receive regular monthly pensions, while 291,735 others have collected lump-sum benefits.

“In total, over 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent,” she stated.

The DG outlined several recent interventions under the Commission’s “Pension Revolution 2.0” initiative aimed at improving efficiency and retirees’ welfare.

Among these are enhancement of pensions for over 241,000 retirees, representing 80 percent of those under the programmed withdrawal system, raising monthly payments from N12.15 billion to N14.83 billion effective June 2025; zero waiting time for pension payments; reintroduction of Gratuity for Civil Servants; FGN bond issuance for pension liabilities and new prudential and governance standard.

Oloworaran also announced the issuance of five new regulatory instruments, including whistle-blowing guidelines for pension fund assets; revised regulation on investment of pension fund assets; framework for accredited pension agents under the Personal Pension Plan; guidelines for the Personal Pension Plan and circular on revised minimum capital requirements for PFAs and PFCs.

In addition, she revealed that PenCom would soon roll out Free Health Insurance for Retirees, starting with pensioners in lower-income categories, “to ensure dignity and security beyond financial pensions.”

While acknowledging the achievements of the CPS, Oloworaran admitted that challenges persist, particularly the slow pace of coverage expansion across some states and private employers yet to fully implement the scheme.

“Reform is a continuous journey,” she emphasized. “Our ultimate goal is to protect every contributor and guarantee dignity in retirement for all Nigerians.”

The event was attended by officials from the Federal Ministry of Finance, Budget Office of the Federation, Office of the Accountant-General of the Federation, National Orientation Agency (NOA), and representatives of pension unions and retirees from across the North-West subregion.