The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has described President Bola Tinubu as the most pro-worker and pro-retiree President in Nigeria’s pension history.

Ms Oloworaran said this at the 2026 National Pension Commission Media Conference, with the theme “From Reform To Reality, Renewed Hope, Pension Security for Nigerians,” held on Tuesday in Lagos.

She said that Mr Tinubu remained the most pro-retiree president, going by the achievements recorded so far in the pension industry.

According to her, Mr Tinubu’s administration has moved beyond promises to deliver tangible reforms and benefits that have improved the welfare and security of Nigerian retirees.

“From the very beginning of pensions in the country to all the reforms that have happened, he is no longer one. He is the most pro-worker, most pro-retiree President we have seen in the history of Nigeria,” she said.

Ms Oloworaran said that the administration had settled inherited pension obligations, introduced new benefits, accelerated payment of retirement benefits and improved pension security for workers and retirees.

She said that the reforms were not projections, but records of what had already been achieved.

According to her, Pension Boost 1.0 increased the monthly pensions of more than 241,000 retirees, raising total monthly pension payments from N12.15 billion to N14.83 billion.

She said that for the first time in 21 years, pensions of 2,116 retirees of the defunct Nigerian Social Insurance Trust Fund (NSITF) were reviewed.

Ms Oloworaran said that the review resulted in an average increase of 1,173 per cent, with combined monthly pensions rising from N12.6 million to N159.95 million.

She said that N8.7 billion in arrears had also been paid to the affected retirees.

The PenCom DG said that a retiree who previously received about N18,000 monthly now received N206,000.

“Twenty-one years of waiting was answered in a single decision,” she said.

Ms Oloworaran also said that the federal government’s approval of N758 billion intervention to settle inherited pension liabilities had resulted in payments to 957,045 beneficiaries.

She said that the obligations, dating back to 2007, had been passed from one administration to another until the present administration decided to settle them.

The PenCom boss said that approved pension rights were now being paid as and when due, with some paid ahead of time following a one-time verification and enrollment exercise.

She said that approved rights had already been credited into the Retirement Savings Accounts of enrolled federal government employees due to retirement up to December 2029.

Ms Oloworaran said that the commission’s “zero waiting time” policy had also ensured that federal government retirees began receiving their pensions upon retirement, rather than waiting for months.

According to her, retirement benefits that previously took up to 21 months to approve are now approved within 48 hours for federal government workers.

Ms Oloworaran said that the federal government had also introduced an Exit Benefit Scheme for eligible employees of treasury-funded MDAs who had at least 10 years of qualifying service.

She said the scheme, effective from January 1, 2026, provided an additional benefit equivalent to 100 per cent of the employee’s total enrollment on top of the normal pension.

“The first 175 retirees received approximately N1.1 billion in August,” Ms Oloworaran said.

The PenCom DG said that the commission had also expanded pension coverage through accredited pension agents targeting workers in the informal sector.

She said that the agents were taking the Personal Pension Plan to markets, motor parks, farms and workshops to enroll traders, artisans, farmers and transport workers. 

Ms Oloworaran said that two additional initiatives would be unveiled during the National Pension Week scheduled for October 26 to October 30.

She said that one of them was “PenCare,” a retiree healthcare programme that would provide eligible low-income retirees with essential healthcare at no cost during its pilot phase.

According to her, the pilot will cover 30,000 retirees.

Ms Oloworaran said that pension assets had risen from N20.79 trillion in July 2024 to N31.48 trillion in July 2026, representing an increase of more than N10.7 trillion.

She said that 938,229 Nigerians had also joined the CPS within the period.

The director-general said that pension funds were increasingly being diversified into investments in Nigeria, including real assets, to improve retirement outcomes while supporting national development.

Ms Oloworaran warned employers against deducting pension contributions from workers’ salaries without remitting them to their Retirement Savings Accounts.

“A deduction on a payslip that does not reach a Retirement Savings Account is a breach of trust and a breach of the law,” she said.

Ms Oloworaran said that cumulative recoveries from defaulting employers had reached N36.6 billion as of July 2026, surpassing the previous year’s record.

“We will find what is owed, we will recover it, and we will hold those responsible for every delay in pension remittance to account,” she said.

The PenCom DG said that the Pension Industry Leadership Council had, on September 24, approved an independent assessment of the maturity of Nigeria’s pension industry against international standards.

She said that the commission was also developing a Pension Transformation Agenda 2030 to establish clear priorities and measurable milestones for the industry.

Ms Oloworaran said that the pension industry had also committed $250 million toward infrastructure investment.

She said that $200 million would come from pension fund operators as anchor investors through cash flows over 10 years, while $50 million was being sought from development finance institutions.

Ms Oloworaran said that the commitment was only the beginning and could increase as sound investment opportunities emerged.

She pledged that the commission would continue to prioritise its responsibility to make the gains permanent through sound regulations, dependable administration and measurable results that would benefit Nigerians. 

(NAN)