The director-general of the National Pension Commission, Omolola Oloworaran, says the Contributory Pension Scheme has rewritten Nigeria’s pension story over the last two decades.

Ms Oloworaran made this statement during the Stakeholders’ Conference on the Workings of the CPS for employees and pensioners of the federal government treasury-funded MDAs in Abuja on Thursday. The event was organised by PenCom and the National Salaries, Incomes and Wages Commission. 

Ms Oloworaran said that PenCom had moved from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.

“More than 10 million Nigerians, from public service employees to private sector workers, and even artisans and the self-employed, under the Personal Pension Plan, are covered under the CPS.

“Pension assets have grown to over N25 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees. In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent,” she said.

Ms Oloworaran said that PenCom had rolled out key life-changing interventions, such as Pension Boost 1.0 – Enhancing pensions for over 241,000 retirees, representing 80 percent of those under programmed withdrawal. 

She said that monthly pensions rose from N12.157 billion to N14.837 billion in June 2025.

According to her, there is now zero waiting time for pension payments.

She stated that since July, retirees no longer have to wait to access their pensions, noting that payments are now made immediately and are aligned with monthly salary releases from the Federal Ministry of Finance.

Ms Oloworaran listed other interventions, including the reintroduction of gratuity for civil servants, FGN bond issuance for pension liabilities, stronger prudential standards for operators, and the issuance of five new regulations under the Pension Revolution 2.0 initiative.

She also cited the introduction of free health insurance for retirees, beginning later in the year, and starting with pensioners in lower-income categories, which would ensure dignity and security beyond financial pensions.

She, however, noted that while the CPS had achieved so much, challenges remained, with coverage expansion still limited, as several states and employers had yet to fully comply.

Ms Oloworaran said that public skepticism, often shaped by painful past experiences, still continues to undermine trust in the system.

“This is why today’s engagement is so important. It gives us an opportunity to listen, explain, and build confidence together.

“To deepen trust, PenCom will also embark on nationwide sensitisation workshops across all six geopolitical zones, ensuring that every federal employee and pensioner fully understands the CPS and can access its benefits without delay,” she explained.

(NAN)