Over 10m Nigerians enrolled in contributory pension

The National Pension Commission has disclosed that over 10 million Nigerians are now benefitting from the Contributory Pension Scheme (CPS). Speaking at a sensitization workshop on the workings of the CPS for employees and pensioners of federal government treasury-funded ministries, departments, and agencies in Abuja, the Director-General of the National Pension Commission (PenCom), Ms. Omolola […]

The National Pension Commission has disclosed that over 10 million Nigerians are now benefitting from the Contributory Pension Scheme (CPS).

Speaking at a sensitization workshop on the workings of the CPS for employees and pensioners of federal government treasury-funded ministries, departments, and agencies in Abuja, the Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, represented by Mr. Usman Musa, Director of the Contribution and Bond Redemption Department, said the scheme has catalysed the growth of the pension sector.

Daily Trust reports that the CPS, introduced through the Pension Reform Act of 2004 and amended in 2014, covers workers in the public and private sectors, as well as artisans and self-employed individuals.

According to Oloworaran, “The CPS has significantly rewritten Nigeria’s pension story. With more than 552,000 retirees receiving monthly pensions and assets surpassing N25 trillion, we are ensuring retirees live with dignity while contributing to national development. Also enrollees under the CPS have now surpassed 10 million.”

She added that PenCom’s reforms have led to measurable improvements in retirees’ welfare.

He disclosed that initiatives such as Pension Boost 2.0 resulted in an increase of over N2.6 billion in monthly payments for more than 241,000 retirees.

The DG further explained that since mid-2025, waiting periods for accessing pensions have been eliminated, allowing retirees to receive financial relief without delay.

 

 

 

“The federal government also secured N758 billion in bonds to clear pension liabilities, which has reinforced confidence in the system,” he said.

 

 

 

Also speaking, the Chairman of the National Salaries, Incomes and Wages Commission (NSIWC), Mr. Ekpo U. O. Nta, represented by Mr. Akin Abe, Head of Compensation, said the CPS has brought efficiency and stability to Nigeria’s pension administration.

 

 

 

According to him, “The CPS’s fully funded, privately managed accounts replaced the old defined benefit scheme, fostering efficiency and financial stability for millions of Nigerians post-retirement.”

 

 

 

She noted that PenCom and the NSIWC are working closely with stakeholders to drive wider participation, enforce compliance, and strengthen service delivery across the country.

 

 

 

“Our collaboration aims to create a pension system that guarantees every Nigerian can retire with financial security and dignity,” he said.