Nigeria's pension assets have reached ₦31.48 trillion, while 938,229 people joined the Contributory Pension Scheme, according to the National Pension Commission (PenCom). The commission says its reforms are delivering higher monthly payments, clearing outstanding benefits, and shortening the wait for retirement income.
Monthly Pension Payments Rise
Speaking at the 2026 PenCom Media Conference in Abuja, Director General Omolola Oloworaran said Pension Boost 1.0 had increased monthly pensions for more than 241,000 retirees under the Contributory Pension Scheme. Total monthly payments rose from ₦12.15 billion to ₦14.83 billion, an increase of ₦2.68 billion. Some beneficiaries received cumulative increases of up to 100 per cent following additional adjustments.
Pensioners under the defunct Nigeria Social Insurance Trust Fund received their first benefit review in 21 years, resulting in a 1,173 per cent increase. According to the PenCom chief, outstanding arrears of ₦8.7 billion have been paid to 2,116 retirees under that arrangement.
Government Tackles Longstanding Pension Debts
Oloworaran said a ₦758 billion intervention bond approved by President Bola Tinubu had enabled the Federal Government to settle inherited pension liabilities. Payments reached 957,045 beneficiaries, including retirees whose entitlements had remained unpaid for years.
She also announced a “zero waiting time” policy intended to ensure federal retirees begin receiving pensions immediately after leaving service. Separately, she said the processing period for retirement benefit approvals had been reduced from as long as 21 months to 48 hours under a mandatory service standard for Pension Fund Administrators.
Additional Exit Benefits for Eligible Workers
An Exit Benefit Scheme, effective January 1, 2026, provides qualifying employees of treasury-funded ministries, departments and agencies with an additional payment equivalent to their total annual emoluments. Eligibility requires at least 10 years of qualifying service. The first 175 retirees received approximately ₦1.1 billion in August, Oloworaran disclosed.
PenCom also plans to introduce PenCare, an initiative offering essential healthcare at no cost to eligible low-income retirees. Its pilot phase would target 30,000 beneficiaries. A Minimum Pension Guarantee is also planned for eligible retirees under the contributory scheme.
Assets Grow as PenCom Targets Wider Coverage
Pension assets increased from ₦20.79 trillion in July 2024 to ₦31.48 trillion in June 2026, a gain of approximately ₦10.69 trillion. Within the same period, 938,229 Nigerians joined the Contributory Pension Scheme.
Oloworaran said accredited pension agents and the Personal Pension Plan would help extend coverage to informal-sector workers. She warned employers against deducting contributions without remitting them to workers’ Retirement Savings Accounts, describing the practice as a breach of trust and the law. Cumulative recoveries from defaulting employers reached ₦36.6 billion as of July 2026, she said.
The inaugural National Pension Week, scheduled for October 26 to 30, will promote pension awareness, inclusion and retirement planning. Oloworaran pledged stronger regulation and improved service delivery to ensure workers and retirees receive their entitlements when due.
