The National Pension Commission (PenCom) says more than 844,000 retirees from both the public and private sectors are currently enjoying steady, reliable, and transparent retirement benefits under the Contributory Pension Scheme (CPS).

The director-general of PenCom, Omolola Oloworaran, stated this on Friday in Kano during a sensitisation workshop on the Contributory Pension Scheme for pensioners across the geopolitical zones.

The event was jointly organised by the commission and the National Salaries, Incomes, and Wages Commission (NSIWC).

Represented by the commissioner (technical) at PenCom, Hafizu Kawu, Ms Oloworaran said the CPS had demonstrated sustainability and resilience since its inception, adding that pension assets had grown to over N25 trillion as of September 2025.

According to her, the funds are being deployed in strategic sectors of the economy to promote national development while ensuring the safety and growth of contributors’ savings.

She disclosed that the CPS now covers over 10 million Nigerians, including public sector employees, private sector workers, artisans, and self-employed individuals under the Personal Pension Plan.

Ms Oloworaran said pension assets had grown to over N25 trillion, fuelling national development through strategic investments and providing regular monthly pensions to over 552,000 retirees, as well as lump-sum benefits to 291,735 others.

“In total, more than 844,000 retirees across both public and private sectors now enjoy steady, reliable, and transparent retirement benefits,” she added.

Ms Oloworaran added that, in addition to monthly pensions, lump-sum benefits had also been paid to hundreds of thousands of retirees who exited the scheme in line with regulations.

The director-general highlighted recent interventions by PenCom under the Pension Revolution 2.0 initiative to improve retirees’ welfare.

“They include Pension Boost 1.0, which raised monthly pensions for over 241,000 retirees, representing 80 per cent of those under the programmed withdrawal option, with total payments increasing from N12.15 billion to N14.83 billion effective June 2025,” she said.

She also announced the approval of N758 billion in federal government bonds by President Bola Tinubu to clear outstanding pension liabilities, including arrears of pension increases since 2007.

The director of compensation at the National Salaries and Wages Commission (NSWC), Akin Abe, reaffirmed the commission’s commitment to ensuring fair and regular pension adjustments in line with government policies and prevailing economic realities.

Mr Abe said the commission had issued several circulars to address complaints from retirees and stakeholders while working with the budget office to ensure prompt and full payment of entitlements.

He added that efforts were ongoing to harmonise pensions and address disparities among different categories of retirees.

Also speaking, the national chairman of the National Union of Contributory Pensioners, Sylva Nwaiwu, called for greater public awareness and understanding of the Contributory Pension Scheme (CPS).

(NAN)